Stifel raised its price target for Veeva Systems (NYSE:VEEV) to $275. The firm previously set the target at $230. Stifel reaffirmed its "Buy" rating for the stock. This decision stems from expectations that the life sciences cloud software provider will surpass its second-quarter subscription growth guidance.
The firm's positive outlook reflects increasing investor confidence in Veeva's business model. It also reflects better visibility into Veeva's customer relationship management (CRM) transition. Stifel's analysis, which included checks with large pharmaceutical customers, points to Veeva's potential for CRM share gains. The analysis also identifies early artificial intelligence adoption as a key growth driver. The firm also cites opportunities for vendor consolidation as a growth driver.