BofA analyst Brad Sills lowered the firm’s price target on Veeva to $200 from $220 and keeps a Neutral rating on the shares after the company pulled in Q4 guidance at its analyst day meeting, citing incremental macro pressure on services. While “encouraged” by new product releases, the commentary suggests that the migration to the Salesforce platform remains the focus in Commercial following the partnership termination and these new offerings represent long-term plays, says the analyst, who lowered the firm’s FY24 and FY25 revenue estimates following the meeting.
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