Veeva upgraded to Equal Weight from Underweight at Morgan Stanley

Morgan Stanley upgraded Veeva (VEEV) to Equal Weight from Underweight with a price target of $205, down from $222. The firm cites valuation for the upgrade with the shares down 45% from its high last October. The “pendulum has swung too far from overenthusiasm to extreme pessimism,” the analyst tells investors in a research note. Morgan Stanley says Veeva’s competitive risks are now better understood.