Veeva price target lowered to $256 from $274 at Citi

Citi analyst Tyler Radke lowered the firm’s price target on Veeva to $256 from $274 and keeps a Buy rating on the shares. The “drumbeat of weaker macro in software continued” with Veeva delivering a generally solid Q1 offset by a cut to the fiscal year outlook, the analyst tells investors in a research note. The firm had expected more resiliency with more constructive life sciences end-market trends, but says Veeva’s results indicate the weakness in software could be even more broad-based.