Veeva price target lowered to $187 from $227 at Truist

Truist lowered the firm’s price target on Veeva to $187 from $227 and keeps a Hold rating on the shares. The analyst notes that the updated price target assumes a 25-times expected 2025 EBITDA estimate vs. 30-times prior view and also reflects the broader market volatility and incremental risk around further slowdown in the company’s services business.