Veeva reports Salesforce secured ‘first top 20 win’ for CRM, says Baird

Baird says Veeva (VEEV) CFO Brian Van Wagener appeared at an investor conference earlier this morning and when asked about progress on Vault CRM, noted that Salesforce (CRM) has secured its first top 20 win for CRM, being quoted as having said “we were just recently made aware that one didn’t go our way. They’re going to do something custom with Salesforce.” Veeva continues to believe it will retain the “vast majority” of the top 20 and the firm’s sense is that investors “largely viewed this development as likely/inevitable,” the analyst stated. The firm, which continues to believe the financial ramifications are “manageable,” keeps an Outperform rating and $283 price target on Veeva shares.