Veeva price target raised to $240 from $204 at BofA

BofA analyst Brad Sills raised the firm’s price target on Veeva to $240 from $204 and keeps a Neutral rating on the shares. The firm believes the demand environment is improving after Veeva reported “healthy” Q2 subscription revenue and billings in what BofA identifies as “the first quarter in several with upside potential in both the commercial and R&D businesses.” The firm raised its target to account for better execution and perhaps easing macro headwinds driving growth higher, but keeps a Neutral rating on shares as it believes near term upside potential is largely priced in.