Analysts Are Downgrading These 5 Stocks

In this article, we discuss the 5 stocks receiving downgrades from analysts. If you want to see more such stocks on the list, go directly to Analysts Are Downgrading These 10 Stocks. 

05. Veeva Systems Inc. (NYSE:VEEV)

Number of Hedge Fund Holders: 38

On June 28, Morgan Stanley analyst Craig Hettenbach adopted a less optimistic perspective on Veeva Systems Inc. (NYSE:VEEV), attributing it to potential competition from Salesforce CRM. Hettenbach downgraded Veeva Systems Inc. (NYSE:VEEV) rating from equal-weight to under-weight, signaling a less favorable outlook for the company’s performance. Additionally, he established a price target of $181 per share, indicating a projected decline of over 7.5% from the current value. This downgrade reflects Hettenbach’s concerns about the impact of competition and suggests a more cautious stance on Veeva Systems Inc. (NYSE:VEEV) investment potential.

TimesSquare U.S. Mid Cap Growth Strategy made the following comment about Veeva Systems Inc. (NYSE:VEEV) in its Q4 2022 investor letter:

“Veeva Systems Inc. (NYSE:VEEV), a supplier of cloud solutions to the global life sciences industry, declined by -2%. Their fiscal third quarter results were solid and short-term guidance was reiterated. Fiscal 2023 billings guidance was reduced due to foreign exchange translations. The company announced they will not renew their partnership contract with Salesforce.com when it ends in 2025 and instead move to its own platform. This is expected to result in cost savings.”