Veeva double-downgraded to Sell from Buy at Goldman Sachs

Goldman Sachs analyst Gabriela Borges double-downgraded Veeva (VEEV) to Sell from Buy with a price target of $200, down from $261. The firm continues to view Veeva as significantly entrenched in its core Life Sciences customer base, with potential for cross sell over the next decade, though it also sees medium-term risks to the Street and Veeva’s 2030 targets, the analyst tells investors in a research note. Veeva will remain the superior product relative to Salesforce (CRM), which is positioning for share gains, but competition will be an ongoing headwind for the stock, the firm adds, further noting that Veeva’s product portfolio as a whole is maturing, making it challenging for newer product cycles such as CDMS to ramp materially enough to drive WholeCo acceleration.