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.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on VEEV:
- Veeva Systems: Strong Growth Potential and Strategic Positioning in the Life Sciences Industry
- Veeva Systems’ Earnings Call Highlights Strategic Wins
- Veeva price target raised to $325 from $295 at Mizuho
- Veeva Systems: Balancing Strong Performance with Growth Uncertainty and Competitive Risks
- Veeva price target raised to $325 from $300 at Barclays