Veeva Systems (VEEV) Stock: Why It Increased Over 1.9% Today

By Amit Chowdhry ● Jun 23, 2022
  • The stock price of Veeva Systems (NYSE: VEEV) increased by over 1.9% pre-market today. This is why.

The stock price of Veeva Systems (NYSE: VEEV) increased by over 1.9% pre-market today. Investors are responding positively to a bullish research report.

Goldman Sachs analyst Gabriela Borges initiated coverage on Veeva Systems with a “Buy” rating. And Borges issued a $253 price target on the cmopany.

“We view Veeva as a long-term compounder because of its competitive moat and exposure to technology adoption in Life Sciences. We believe the company is successfully leveraging its dominant position in CRM to cross-sell add-ons and finance its efforts to expand into R&D use cases,” wrote Borges in a research note. “Coupled with the stock trading at 28x 2023 FCF (vs. vertical peers at 36x) despite a better Rule of 40 profile (about 55 vs. peers at about 35), we see compelling risk/reward.”

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.