KeyBanc analyst Scott Schoenhaus lowered the firm’s price target on Veeva (VEEV) to $210 from $220 to reflect some multiple impairment as the company works toward this transition, while keeping an Overweight rating on the shares. The analyst notes the company reported a solid quarter with top and bottom-line beats, but guided slightly below expectations on Q4 billings, revenue, and operating profits. The company is moving its CRM business from Salesforce (CRM) to its Vault Platform when the contract expires in September 2025, Schoenhaus adds.
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Published first on TheFly
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Read More on VEEV:
- Salesforce price target lowered to $164 from $170 at Citi
- Veeva falls -7.3%
- Veeva assumed with an Equal Weight at Morgan Stanley
- Veeva price target raised to $220 from $205 at Needham
- Veeva Announces Fiscal 2023 Third Quarter Results
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