Veeva Systems (NYSE: VEEV) was upgraded to Buy from Hold by Truist Securities, which also set a $275.00 price target.
The firm said that while some residual noise related to CRM platform transitions and customer retention could persist, the firm’s thesis around market share shifts among the top 20 pharmaceutical companies had largely played out. Truist said current valuation levels offered an attractive entry point for a company meeting its “Rule of 60” criteria.
CRM now represents a smaller portion of Veeva’s overall revenue base, and any potential revenue headwinds from customer migrations were expected to be deferred beyond fiscal 2027 and spread across multiple years. Despite increased competition in pharma CRM, Veeva was described as maintaining a dominant position.
With CRM-related risk largely behind the company, Truist pointed to strong execution in growth areas such as Crossix, along with early momentum in artificial intelligence initiatives. The firm said these factors supported durable growth and margin stability, making the current risk-reward profile attractive.
