Veeva +2% as new bull dismisses competition concerns

Morgan Stanley upgrades Veeva Systems (NYSE:VEEV) from Equal Weight to Overweight and raises the target from $160 to $175. The company has a Bullish average Sell Side rating.

The firm thinks the current valuation overlooks the “goodness” of the stock, which has been pressured by competition concerns.

Morgan Stanley sees the concerns as a “distraction” that will have a “limited financial impact.”

Veeva shares are up 2.3% to $148.86. Shares are down over 3% this quarter and nearly 17% in the past six months.

https://seekingalpha.com/news/3531460-veevaplus-2-new-bull-dismisses-competition-concerns