Leerink Partners Cuts Price Target on Veeva Systems (VEEV) Following a Strong 4Q Beat

Leerink Partners maintained a Market Perform rating on Veeva Systems (NYSE: VEEV), and cut the price target to $27.00 (from $29.00), Veeva reported revenue of $114m in the quarter, beating consensus by ~$4m. F4Q diluted EPS of $0.15 was a beat of $0.04, or 37%. The beat was attributable to strength in revenue aided by a lower than expected tax rate.

Analyst Steven Wardell commented, "After the market close on Tuesday, March 1, Veeva reported a strong beat for F4Q16 with record bookings and Vault sales. However, guidance for 1Q and F2017 largely disappointed as revenue is mostly in-line while opex investments are expected to compress margins and EPS. We lower our EPS estimates for F2017 and F2018 on lower margin assumptions and take our price target (PT) down to $27 from $29."

For an analyst ratings summary and ratings history on Veeva Systems click here. For more ratings news on Veeva Systems click here.

Shares of Veeva Systems closed at $25.08 yesterday.

You May Also Be Interested In

• HDFC Asset Management Co Ltd (HDFCAMC:IN) PT Raised to INR3,250 at JPMorgan
• JPMorgan Starts Central Depository Services India Ltd (CDSL:IN) at Underweight
• JPMorgan Starts BSE Limited (BSE:IN) at Neutral