UPDATE: Canaccord Genuity Initiates Coverage on Veeva Systems on Positive Outlook

In a report published Monday, Canaccord Genuity analyst Richard Davis initiated coverage on

with a Buy rating and $46.00 price target. In the report, Canaccord Genuity noted, “Early cycle disruptive technology stocks almost always work. When you add in quite conservative estimates, almost no VC-backed segment competition, world-class reference customers and state-of-the-art cloud technology, barring another stock market crash, we don't see many things that will shake investors' faith in VEEV. If so, the stock could quietly advance like its similarly highly-valued cross-town compatriot, Workday. We believe Veeva is at least a solid BUY in the near term, and there are several data points that give us confidence that the long run could be equally rewarding. Initiating coverage with a BUY.” Veeva Systems closed on Friday at $40.54.