Veeva price target lowered to $205 from $225 at Truist

Truist lowered the firm’s price target on Veeva to $205 from $225 after its Q4 results and below-consensus Q1 guidance but keeps a Buy rating on the shares. The analyst cites the management pointing to the quarter’s "numerous customer wins", and that pharma sales rep reductions are mostly in the rearview. Truist is positive on Veeva’s leading position in the $2T life sciences industry and expects high teens top-line growth over a multi-year period, coupled with strong mid-high 30’s operating margins.