Veeva price target raised to $290 from $280 at BofA

BofA raised the firm’s price target on Veeva (VEEV) to $290 from $280 and keeps a Neutral rating on the shares following what the firm calls “another quarter of healthy upside in Q3.” Operating margin came in at 43.5%, but the firm believes the margin is likely peaking at the current level given the long-term margin target for 35%-plus. While the firm raised its target for an improving pending backdrop in R&D business and execution across the broader suite, its concern is that replatforming effort and increased competitive threat from Salesforce (CRM) could limit growth, the analyst tells investors.