Veeva price target lowered to $160 from $181 at Morgan Stanley

Morgan Stanley analyst Craig Hettenbach lowered the firm’s price target on Veeva to $160 from $181 and keeps an Underweight rating on the shares. After a correction in the stock, there’s only modest downside to the firm’s new price target, the analyst tells investors in a research note. The firm added that it still sees poor risk/reward skew and expects the company to underperform due to a downward bias to estimates and new competitive risks.