Veeva price target raised to $212 from $204 at Piper Sandler

Piper Sandler raised the firm’s price target on Veeva to $212 from $204 and keeps an Overweight rating on the shares. The FY24 growth outlook of 9% was below Street estimates of 12%, not because of slowing demand but rather an accounting change on multi-year contracts that impacts timing of revenue recognition, the analyst tells investors in a research note. The firm remains encouraged by further proof-points of broader R&D product adoption as a key growth engine and see the preliminary FY25 growth outlook as reinforcing the potential for mid- teens normalized growth.