Canaccord Genuity doesn't see any issues in Veeva Systems Inc (NYSE: VEEV) continuing its exceptional strong execution in the upcoming period. The opinion comes days after attending analyst day and maintained its Buy rating, while lifting the price target from $43 to $46.
The brokerage listed the following five key takeaways from the analyst day:
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- The company makes products spanning across the Life Sciences positioning as a partner in the industry
- There is still enough room for growth pointing out that the biggest 60 of the company's 230 CRM customers use only four or five apps.
- Maturity level of Vault is faster than CRM
- Focus on innovation and continuous reinvestment allowed the company to advance its TAM by 20 percent to $6 billion
- The combination of all the four factors would allow Veeva to likely outperform its targets in 2020
Analysts Richard Davis and David Hynes Jr. expect three key practices to be adopted by Veeva to deliver growth and practices. They are: efficient S&M, discipline product planning and profitable professional services.
"At a high level, Veeva's intermediate-term financial targets are more or less unchanged: the firm expects to reach a $1B revenue run-rate and about 25% FCF margins in 2020," the analyst pointed out in a note.
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