UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Veeva Systems Following Solid Revenue/EPS Report

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

, and raised the price target from $45.00 to $46.00. In the report, Deutsche Bank noted, “Veeva reported total revenues and EPS of $55mn/$0.06, above our/street estimates of $50mn/$0.05. Upside in results came from strong subscription revenue growth at 95% (versus 116% growth in 2Q), above our 75% growth estimate. Billings growth came in at 47% y/y, slower than 75% in 2Q, but reasonable given tough y/y compares. The core CRM business continues to execute well, which is roughly at a third penetrated on a seat basis, but <10% penetrated on revenues. Early anecdotes of customer success for Vault/network products which address a larger addressable market are positive. Reiterate Buy.” Veeva Systems closed on Thursday at $40.98.