Needham raised the firm’s price target on Veeva (VEEV) to $300 from $270 and keeps a Buy rating on the shares after its Q1 earnings beat and guidance raise. Despite concerns related to Salesforce’s (CRM) recent announcement of winning Takeda (TAK) for CRM, Veeva is executing well on the conversion to Vault, with over 200 customers expected to be live by company’s summit next spring, the analyst tells investors in a research note. Veeva also believes that custom builds for companies like Takeda may prove too costly, leading the company to see opportunities for competitive win backs, the firm added.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on VEEV:
- Veeva price target raised to $285 from $250 at UBS
- Veeva price target raised to $335 from $280 at BTIG
- Veeva price target raised to $295 from $272 at Stifel
- Veeva price target raised to $300 from $285 at Wells Fargo
- Veeva Systems’ Strong Q1 Performance and Raised Outlook Signal Promising Growth Amid CRM Transition Challenges