Barclays raised its price target for Veeva Systems (NYSE: VEEV) to $275.00 from $235.00. The firm maintained its "overweight" rating on the stock. This new target suggests a potential 12% upside from the stock's previous closing price.
The adjustment follows a series of positive analyst updates for the cloud software provider. Stifel also raised its target to $275. Stifel cited growing confidence in Veeva's business model and its customer relationship management (CRM) software transition.
Analyst sentiment for Veeva remains broadly positive. A majority of analysts rate the stock as a "Buy" or "Moderate Buy." Veeva recently surpassed quarterly earnings and revenue expectations. The company reported revenue of $882.95 million, marking a 16.3% year-over-year increase.