Citi raised the firm’s price target on Veeva Systems to $236 from $210 and keeps a Buy rating on the shares. The analyst says investor sentiment remains cautious into Veeva’s quarter with mixed data points across life science and biopharma during Q2 and long-term concerns around the migration from the CRM Platform to Vault. However, Citi remains positive, saying the company is more insulated from macro pressures given easier compares. It sees a “cleaner set-up emerging” heading towards the second half of 2023 with reported growth rates troughing as headwinds ease.
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