Veeva Systems: Robust Portfolio and Strategic Initiatives Drive Buy RatingWe reiterate our Buy rating, $355 PT on Veeva (VEEV) following the company's 2025 Analyst Day. Management highlighted how the diversified product portfolio is allowing the company to execute towards its 2030 targets, evidenced by an update that management plans to meet or exceed 3Q26 guidance. While investors may be disappointed in the lack of increase to the 2030 targets, we came away incrementally bullish from the rising upside levers: AI agents dominated the spotlight and should roll out in 2025 & 2026, with scaling usage-based monetization thereafter, while the new markets initiative is soon to welcome its first customers, yet the 2030 targets assume no contribution from either initiative. As such, we continue to view the 2030 targets as achievable, if not conservative, leading us to remain buyers of this durable execution story.