Veeva downgraded to Hold from Buy at Canaccord

Canaccord analyst David Hynes Jr. downgraded Veeva Systems to Hold from Buy, telling investors in a research note that he is stepping to the sidelines “for a bit.” The analyst says his downgrade is about valuation, and notes that he has “zero qualms” about Veeva’s opportunity, execution or management team. Most likely, the analyst says Veeva will probably “grind along sideways” for a period of time while the underlying business and metrics catch up with the stock’s valuation and raised his price target to $105 from $98.

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