UPDATE: Deutsche Bank Reiterates On Veeva Systems Following Strong FY1Q15 Report

In a report published Friday, Deutsche Bank analyst Greg Poole reiterated a Buy rating on

, but lowered the price target from $34.00 to $30.00. In the report, Deutsche Bank noted, “Strong quarter and guidance above expectations. Veeva delivered a strong FY1Q15 quarter that may further undermine the bear case on the stock (down ~40% in last 3 months). Highlights include subscription billings growth of 68%, total billings growth of 54% and subscription revenue growth of 74%, all while delivering 24% non-GAAP operating margins. Veeva also raised FY15 guidance by $7m on both top-line and operating income, indicating solid momentum. "We like the solid progress in North America (the majority of core CRM business) and momentum with new products, and view the 2H guidance as likely conservative. Reiterate Buy.” Veeva Systems closed on Thursday at $22.04.