Veeva benefits from Medidata acquisition – Canaccord

Veeva Systems (NYSE:VEEV) should see long-term benefits from Dassault Systemes’ purchase of Medidata, says Canaccord Genuity analyst David Hynes.

Hynes writes that the deal “significantly enhances Veeva’s opportunity in what will perhaps prove to be the firm’s most valuable Vault application,” but the share shifts “will be gradual over a multi-year period.”

Canaccord maintains a Hold rating and $135 PT on valuation concerns and will turn more bullish if shares pull back or the fundamentals grow into the current valuation.

Veeva shares closed yesterday up 1.6% to $167.02.

Veeva has a Neutral Quant rating.

https://seekingalpha.com/news/3471018-veeva-benefits-medidata-acquisition-canaccord