Veeva price target raised to $220 from $205 at Needham

Needham analyst Ryan MacDonald raised the firm’s price target on Veeva (VEEV) to $220 from $205 and keeps a Buy rating on the shares. The analyst cites the company’s "solid" Q3 results with "nice upside" to billings, revenue, and earnings, though the "news of the day" was its intent to end its relationship with Salesforce (CRM) when the contract comes up for renewal in 2025. The migration off of CRM to the Vault platform creates long-term gross margin upside, MacDonald adds.