Veeva price target raised to $208 from $203 at JPMorgan

JPMorgan raised the firm’s price target on Veeva to $208 from $203 and keeps a Neutral rating on the shares. The firm continues to recommend a selective approach in the healthcare technology and distribution group, favoring names “with underlying macro tailwinds in addition to company specific drivers.” The analyst continues to see Veeva as a “high quality name in a mission critical area of healthcare.” However, the stock’s premium valuation largely reflects this, and JPMorgan awaits further clarity on the customer relationship management transition and the ensuing competitive dynamics that will arise when Salesforce launches its own life sciences CRM in conjunction with Iqvia some time in 2025, the analyst tells investors in a research note.