Truist Boosts Veeva Systems (VEEV) Price Target After Strong Q2 and CRM Growth

Veeva Systems Inc. (NYSE:VEEV) ranks among the best predictive analytics stocks to buy right now. Truist Securities reaffirmed its Hold rating on Veeva Systems Inc. (NYSE:VEEV) and raised its price target from $268 to $275 on August 28. The update comes after the life sciences software provider achieved what Truist called a solid “Beat & Raise” second-quarter performance. However, the firm pointed out that Veeva’s outlook still assumes no major changes in the macroeconomic environment in the near term.

Seven of the top 20 pharmaceutical companies have committed to Veeva’s Vault CRM software, and two more have verbally committed, according to Truist, which highlighted the platform’s adoption trend.

According to the firm, Veeva’s second-half projection shows some slowdown compared to the first half. The company ascribed this to difficult year-over-year comparisons for its Crossix business in the second half and services revenues that were more front-end loaded than expected.

Veeva Systems Inc. (NYSE:VEEV) is a healthcare software services provider that aids organizations in managing drug development, customer engagement, and a variety of other operations. To provide data-driven insights and automate processes, the company uses AI and predictive analytics throughout its life sciences software package, especially in Veeva CRM, Veeva Data Cloud, and the Veeva Vault Platform.

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Disclosure: None. This article is originally published at Insider Monkey.