- The shares of Veeva Systems Inc (NYSE: VEEV) have received a $327 price target from Needham. These are the details.
The shares of Veeva Systems Inc (NYSE: VEEV) have received a $327 price target from Needham. And Needham analyst Ryan MacDonald reduced the price target from $385 while maintaining a “Buy” rating on the shares.
MacDonald noted that the company had reported a strong third quarter result as billings had topped expectations despite an incremental headwind related to billings terms. And MacDonald further cited Veeva’s plans to boost its efforts in the MedTech vertical with the announced intention for developing a CRM solution, which represents the first move by the company outside the scope of their Salesforce partnership.
MacDonald decided to reduce the price target in order to reflect the recent 15% compression in software multiples.
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