Needham & Co. raised its price target on Veeva Systems to $310 from $270 on Monday, citing accelerating customer wins in its Vault CRM suite and sustained revenue growth.
The firm maintained its Buy rating on the life-sciences software provider, which reported adjusted earnings of $2.35 per share and revenue of $928 million in the fiscal second quarter ended July 31, both exceeding analyst estimates of $2.22 per share and $905.4 million, respectively. Veeva’s shares were trading at $244.91 at the time of the note, up roughly 35% over the past six months and delivering a 16% revenue increase year-over-year.
Needham highlighted Vault CRM deployments at two top-20 pharmaceutical clients—Eli Lilly and Biogen—and at Regeneron, which ranks just outside the top 20. The firm expects further wins among the remaining undecided top-20 companies and potential recoveries of lost top-20 customers over the next two years. Needham also pointed to continued demand for Veeva’s Crossix analytics platform and early traction for its Falcon artificial-intelligence solution as long-term growth drivers toward the company’s 2030 targets.
Jefferies separately increased its price target on Veeva to $295 from $250 while maintaining its Buy rating. Veeva’s gross profit margin remains elevated at approximately 75%, underscoring the scalability of its subscription-based model.
