Veeva downgraded to Sector Weight from Overweight at KeyBanc

KeyBanc analyst Scott Schoenhaus downgraded Veeva (VEEV) to Sector Weight from Overweight. A recent round of channel checks has indicated that large pharma clients in the middle of software evaluations are leaning towards Salesforce’s (CRM) offering, suggesting more losses than Veeva has outlined, the analyst tells investors in a research note. The firm added that the checks indicate that a healthy number of small and medium businesses have already migrated to Salesforce from Veeva, and it’s becoming clearer that Salesforce is seeing success on its LifeScienceCloud rollout with likely more customer headlines.