As previously reported, Morgan Stanley analyst Stan Zlotsky upgraded Veeva (VEEV) to Overweight from Equal Weight with a price target of $175, up from $160. He still sees Veeva as a unique software company able to deliver revenue growth and strong profitability but notes that the stock has "vastly underperformed" the Nasdaq since May 2019 as investors have become increasingly focused on the competitive dynamics between Iqvia's (IQV) OCE and Veeva's Commercial Cloud. However, Veeva has managed to organically accelerate growth of Commercial Cloud and continue driving up profitability, said Zlotsky. Also, the focus on competitive dynamics in Commercial Cloud is "overshadowing the much bigger and rapidly growing opportunity" in its Vault segment, the analyst added.