Truist Raises Veeva Systems Price Target But Keeps Hold Rating Ahead Of Q2 Results

Truist Securities raised its price target on Veeva Systems Inc. (NYSE:VEEV) to $268 from $230 while maintaining a Hold rating, ahead of the company's fiscal second-quarter results scheduled for August 27.

The brokerage said it expects results to come in broadly in line or slightly better, supported by positive commentary from peers DOCS and IQV on end-market demand and spending in pharma tech and analytics.

Truist noted that Veeva shares have risen around 20% since the fiscal first-quarter report, compared with an 8% gain in the S&P 500, suggesting investor expectations already price in a “beat and raise” outcome.

The analysts added that while the mix of a Q2 beat could be important, they expect management to maintain its view for the second half, guiding largely in line with the Q2 performance rather than providing a significant upward revision.