After Veeva CFO Tim Cabral announced a new long-term goal of 19% revenue CAGR through 2025 to $3B and a 2025 target for 35%+ EBIT margins at the company's investor day meeting, Guggenheim analyst Ken Wong said he expects the initial investor reaction to the new 5-year targets to be mildly negative and for skeptics to "zero in" on the margins target being seen as a step down from the 38% levels projected for FY20. However, Wong said the growth targets are better than he expected, thinks the margins view feels "conservative" and expects any negativity to be short lived. The analyst, who views the company's elevated investments as appropriate given Veeva's product roadmap, keeps a Buy rating on the stock.