Veeva Systems Maintains Strong Buy Rating Amid Robust Financial Performance and Strategic Growth
Analyst Charles Rhyee of TD Cowen reiterated a Buy rating on Veeva Systems, citing strong financial performance and strategic growth. Despite concerns in the T20 CRM segment, robust performance in other areas supports the Buy rating. Stifel Nicolaus also maintained a Buy rating with a $321.93 price target.
Analyst Charles Rhyee of TD Cowen reiterated a Buy rating on Veeva Systems, retaining the price target of $380.00.
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Charles Rhyee has given his Buy rating due to a combination of factors including Veeva Systems’ strong financial performance and strategic positioning. The company reported impressive results with revenue growth across its Commercial and R&D segments, along with increased guidance for the upcoming fiscal year. Despite a reduction in the expected number of T20 CRM clients, the impact on long-term growth is projected to be minimal, with management confident in meeting future targets.
Rhyee emphasizes that while there are concerns about client retention in the T20 CRM segment, these are outweighed by the robust performance in other areas of the business. The R&D segment, in particular, continues to show significant year-over-year growth, which is expected to offset any potential revenue losses. This diversified growth strategy underpins the Buy rating, as Veeva Systems remains well-positioned to achieve its financial goals in the coming years.
In another report released on November 16, Stifel Nicolaus also maintained a Buy rating on the stock with a $321.93 price target.
