Veeva price target raised to $210 from $160 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Veeva to $210 from $160 and keeps an Underweight rating on the shares. While the analyst understands investors “looking to play a turnaround and mean reversion,” the strong year-to-date rebound in the stock is “at odds with weaker growth” and the firm contends that further upside may require signs of an inflection. The firm is updating estimates following earnings, with revenue and billings moving lower and margins and EPS higher, the analyst noted.