Canaccord raised the firm’s price target on Veeva (VEEV) to $235 from $200 and keeps a Hold rating on the shares. The firm said they posted a clean beat-and-raise quarter in FQ4 as the company apears to be executing well. It remains a durable double-digit subscription growth business with best-in-class operating margins and now has a capital return program in place. Growth is reasonably diversified, penetration within the Top 20 biopharma customers continues to expand outside of Commercial, and there is a credible path to AI monetization over time.
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Read More on VEEV:
- Strong Near-Term Execution but Uncertain Long-Term Growth Drivers Justify Hold on Veeva
- Veeva price target lowered to $317 from $333 at Wells Fargo
- Closing Bell Movers: Veeva up 13%, Broadcom up 5% on earnings beat
- Veeva reports Q4 non-GAAP EPS $2.06, consensus $1.94
- Veeva sees Q1 non-GAAP EPS $2.131-$2.14, consensus $2.06