Veeva price target lowered to $197 from $203 at Truist

Truist lowered the firm’s price target on Veeva to $197 from $203 and keeps a Hold rating on the shares. The firm is updating its model following the company’s Q1 results and reduced FY25 billings and revenue guidance, the analyst tells investors in a research note. Given the slowdown in growth rates, apprehension around the Veeva CRM to Vault migration, and its first foray into markets with entrenched incumbents, Truist sees mid teens top-line growth over a multi-year period, coupled with mid-30% operating margins, the firm added.