Veeva assumed with an Equal Weight at Morgan Stanley

Morgan Stanley analyst Craig Hettenbach assumed coverage of Veeva (VEEV) with an Equal Weight rating and $190 price target, stating that he views the stock as fully valued. After Veeva reaffirmed guidance of an in-line to better Q3 at the analyst day last month, investors were already expecting a good quarter and no change to estimates, noted Hettenbach, who adds that "the big surprise" to come with the quarterly report was Veeva’s announcement that it’s moving the Commercial CRM business off of Salesforce (CRM) and on to Vault.