Piper Sandler analyst Brent Bracelin raised the firm’s price target on Veeva (VEEV) to $325 from $255 and keeps an Overweight rating on the shares. The acceleration in commercial growth that rose to 17% year-over-year was surprisingly strong and contributed to a $32M top-line beat, the firm notes. This could help refute investor fears that Salesforce Life Sciences Cloud might temper growth, which has not materialized, adds Piper. The firm notes that Veeva remains one of its highest conviction large-cap GARP ideas as a specialty vertical application with a 40%-plus OM model poised to double revenue to $6B by 2030.
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