Barclays analyst Saket Kalia has maintained their bullish stance on VEEV stock, giving a Buy rating today.
Saket Kalia has given his Buy rating due to a combination of factors surrounding Veeva Systems’ market position and competitive landscape. Despite the announcement of a tighter integration between IQVIA’s OCE and Salesforce’s Life Sciences Cloud, Veeva Systems maintains a dominant market share with over 80% of pharma representative seats. This indicates a strong foothold in the market, which Veeva has sustained even with existing competition from OCE since 2017. Kalia recognizes the complexities in the pharma software industry, which may limit the impact of new entrants and preserve Veeva’s leading position.
Furthermore, Salesforce’s decision to collaborate with IQVIA instead of developing a standalone solution highlights the specialized nature of the industry and indirectly underscores the value of Veeva’s established expertise. While the new joint go-to-market strategy by IQVIA and Salesforce does represent increased competition, the high switching costs and Veeva’s long-standing market presence suggest that Veeva’s market share is likely to remain robust. Kalia’s Buy rating reflects confidence in Veeva’s ability to withstand competitive pressures and maintain its leadership in the sector.
In another report released today, Wells Fargo also maintained a Buy rating on the stock with a $242.00 price target.
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Veeva Systems (VEEV) Company Description:
Founded in 2007 and headquartered in California, Veeva Systems, Inc. is a leader in cloud-based software for the global life sciences industry. Its solutions are focused on pharmaceutical and life sciences industry applications.
