Veeva price target raised to $210 from $201 at Morgan Stanley

Morgan Stanley analyst Craig Hettenbach raised the firm’s price target on Veeva (VEEV) to $210 from $201 and keeps an Underweight rating on the shares. Veeva posted “a solid beat in Q1” and “a very strong print in the face of growing headwinds” as Veeva’s high quality business model is “shining though right now,” the analyst tells investors. However, as evidenced by negative estimate revisions to sales at various points in each of the last three years, Veeva is “not completely immune” to the “tumultuous backdrop in Life Sciences that has tripped up most companies selling into this vertical,” the analyst added.