DA Davidson analyst Rishi Jaluria raised his price target on Veeva to $120 and kept his Buy rating after its Analyst Day, saying the management’s tone was more positive as momentum of newer products increased. The analyst also cited increasing adoption of Vault and the company’s update of 2020 target operating models with 100bp improvement expected in operating margins. Jaluria is also pointing to its $1B revenue run rate being expected to be reached a year earlier than originally planned.
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