Veeva price target lowered to $200 from $230 at Evercore ISI

Evercore ISI analyst Kirk Materne lowered the firm’s price target on Veeva to $200 from $230 and keeps an In Line rating on the shares. Veeva delivered “solid” Q1 results, but continued macro pressures continues to weigh on bookings and AI is “becoming a bigger distraction in terms of budget prioritization,” the analyst tells investors. While progress on Vault CRM as well as continued traction around more nascent products is “encouraging,” the cut to guidance likely keeps Veeva in “show me” mode in the near-term, the analyst added.