Veeva price target raised to $249 from $218 at JPMorgan

JPMorgan raised the firm’s price target on Veeva (VEEV) to $249 from $218 and keeps a Neutral rating on the shares. Veeva has a substantial addressable market at roughly $20B, and the company has seen robust revenue growth of 28% over the past five years, the growth profile has slowed, with the company generating more than 30% EBITDA growth over the past five years, and the multiple should appropriately reflect this, the analyst tells investors in a research note.