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Investing.com - BNP Paribas Exane has reiterated an Outperform rating on Veeva Systems (NYSE:VEEV) with a price target of $320.00. The cloud software company, currently trading at $275.20 with a market capitalization of $45.1 billion, has demonstrated strong momentum with a 34.45% gain year-to-date. According to InvestingPro data, 25 analysts have recently revised their earnings estimates upward for the upcoming period.
The firm’s analysis follows Veeva’s recent announcement of customer wins, which BNP Paribas Exane believes represents one of the nine wins out of 20 that management discussed during its last earnings call.
BNP Paribas Exane notes this development should help address market concerns about competition from Salesforce Life Sciences Cloud, a competing CRM solution scheduled for release in late 2025.
The research firm estimates that Veeva’s current position represents approximately 28% market share of the top 20 biopharma customers when sized by revenue, which translates to roughly 7.0% of revenue versus the 25% total exposure in its CRM business today.
BNP Paribas Exane considers the current 7% discount on Veeva shares compared to vertical software peers at 3.0% on CY26 FCF yield to be unwarranted, and continues to recommend the stock as a top pick in its coverage. InvestingPro analysis indicates the stock is currently trading near its Fair Value, with 12 additional exclusive ProTips available to subscribers in the comprehensive Pro Research Report.
In other recent news, Veeva Systems reported a strong second-quarter performance, with revenue exceeding expectations by $20 million, marking a 2.6% surprise compared to analyst forecasts. This positive earnings report prompted UBS to raise its price target for Veeva Systems to $310, maintaining a Neutral rating on the stock. Similarly, Truist Securities increased its price target to $275, citing Veeva’s strong quarter but kept a Hold rating, noting stable guidance amid the current macroeconomic environment. In terms of business developments, Gilead Sciences has committed to implementing Veeva’s Vault CRM platform, expanding their existing partnership. This marks another significant pharmaceutical company adopting Veeva’s CRM solutions, which was discussed during Veeva’s fiscal second-quarter earnings call. Raymond James reiterated its Outperform rating with a $340 price target, highlighting Veeva’s AI roadmap and the integration of new functionalities into its Vault platform. The company is focusing on interoperability and automation within its life sciences applications, as emphasized at its recent industry conference. These developments reflect Veeva’s ongoing efforts to enhance its offerings and strengthen partnerships in the life sciences sector.
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