RBC Capital analyst George Hill lowered his price target on Medidata (MDSO) to $91, saying his revenue projections are now slightly lower than previously based on the increasing competition in ancillary services. The analyst cites Veeva's (VEEV) recent announcement of a consolidated CDMS solution, IQVIA's (IQV) expansion of its partnership with Salesforce to grow its offerings in clinical technology solutions, and LabCorp's (LH) Covance unit launching a new technology suite earlier this year. Hill contends that while Medidata still has the lead in market share and product development for the clinical trial IT market, keeping an Outperform rating on the stock in the long run, he also warns that the product announcements from competitors could lengthen the company's sales cycle.