DA Davidson analyst Rishi Jaluria raised his price target on Veeva (VEEV) to $160 and kept his Buy rating after meeting with its president Matt Wallach. The analyst says the discussion indicated that the company’s “tone of business is very strong”, and that Wallach’s expected replacement Tom Schwenger can be successful in bringing the company’s first customers with over $100M in sales value. Jaluria further anticipates 2019 to be a “breakout year” for the company’s Clinical Data Management Suite as well as for its Data Workbench to be a “competitive differentiator” relative to Medidata Solutions’ (MDSO) offerings.
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