JPMorgan analyst Alexei Gogolev upgraded Veeva (VEEV) to Overweight from Neutral with a price target of $330, up from $290. The firm says the company is only 14% penetrated in a $20B-plus life Sciences industry opportunity, which has historically grown mid-single digits. Veeva will grow revenue at 13% annually and post cash flow margins of 40%-plus over the next three years, supported by a “competitively differentiated” platform-approach and total addressable market penetration opportunity, the analyst tells investors in a research note. JPMorgan believes the stock should re-rate from current levels.
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