JPMorgan analyst Sterling Auty raised his price target for Sterling Auty to $81 from $77 citing the company's "good" Q1 results and "major" new product Nitro. However, at the current valuation, investors are looking at every metric with more scrutiny, Auty tells investors in a post-earnings research note. He notes that the deceleration in subscription revenue is a question he's hearing. The analyst reminds investors that Q1 of last year had a $2M lift in subscription revenue from items that normally would have occurred in Q4. Auty keeps a Neutral rating on Veeva.