Veeva price target lowered to $275 from $330 at RBC Capital

RBC Capital analyst Rishi Jaluria lowered the firm’s price target on Veeva (VEEV) to $275 from $330 but keeps an Outperform rating on the shares. The company delivered solid Q4 results, with total revenue up 16%, subscription revenue up 16%, normalized billings up 18%, and operating margin expanding to 43.8%, helping the stock higher after hours, the analyst tells investors in a research note. The firm adds however that it is reducing its price target on the name due to multiple compression.