Stephens analyst James Rutherford said some investors may have expected a more aggressive margin outlook than the five-year 35%+ adjusted EBIT margins guidance that Veeva announced yesterday at its investor day, but he believes the company is leaving itself room to make incremental investments and/or pursue additional strategic M&A that could help it achieve its $3B annual revenue target more quickly. Rutherford, who continues to see Veeva as one of the best positioned companies in its industry, keeps an Overweight rating and $185 price target on the shares.