Morgan Stanley maintains an Overweight rating on Veeva (NYSE:VEEV) and lifts the target from $175 to $176 after yesterday’s earnings report.
The firm notes the “clean beat across all
metric,” billings that were “well ahead of expectations,” and a
Subscription Vault forecast that suggests “plenty of room” to grow.
Canaccord Genuity (Hold, $165) notes that Veeva
“historically has been quite prudent when it comes to setting financial
targets,” which makes the raised revenue outlook “a signal of
confidence.”
Canaccord is positive on Veeva’s long-term potential but wants “broader signs of stability” before leaving the sidelines.
Veeva shares are up 3.9% pre-market to $146.99.
https://seekingalpha.com/news/3548477-veeva-target-raised-after-clean-beat
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