Guggenheim analyst Jack Wallace downgraded Veeva to Neutral from Buy and removed the firm’s previous price target, based on a belief that consensus estimates are too high for FY24. The buy-side will have concerns about Veeva’s ability to achieve its implied run-rate revenue target of about $3B for Q4 of FY25, added the analyst, who sees room for the stock’s current multiple to compress if growth expectations are being questioned. The firm does think Veeva can hit their run-rate targets, but doesn’t think "the market will agree with us for at least a few quarters," the analyst added.
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