Morgan Stanley Sees More Good Things Ahead for Veeva Systems

In a report published Friday, Morgan Stanley analyst Jennifer Swanson Lowe reiterated an Overweight rating and $40.00 price target on

. In the report, Morgan Stanley noted, “Veeva posted solid Q1 results with revenue and billings 5% and 12% ahead of cons. respectively while non-CRM rev. is now >10% of rev as the business diversifies. We believe VEEV's market expansion opportunity is gaining steam yet still underappreciated, and remain OW the stock with a $40 target.” Veeva Systems closed on Thursday at $22.04.