Veeva price target raised to $220 from $185 at Canaccord

Canaccord analyst David Hynes raised the firm’s price target on Veeva to $220 from $185 and keeps a Hold rating on the shares. The firm said while near-term growth estimates are coming in, Veeva’s Q4 results didn’t change their medium- to long-term view of the business. Canaccord said headwinds are mostly on the services side of the business, meaning little to no impact on the company’s profit potential, and long-term growth prospects appear to be fully intact.