Veeva Systems (VEEV) is executing successfully across customer relationship management, artificial intelligence, data and commercial cloud, positioning the company for durable growth well beyond the current CRM migration cycle, Truist Securities said in a Thursday note.

The company's effort to migrate its top 20 customers from legacy systems to its new Vault CRM should meaningfully expand over the next six to eight months, with five customers already live and another seven that have yet to reach production, Truist said.

Veeva believes the overall level of migration activity should remain near current levels for the next 18 months, Truist said, adding that near-term services billing should continue to benefit from a sustained level of migration work before eventually normalizing.

Regarding AI, Truist said management remains "highly constructive" on both Vault AI and Falcon products, noting that customer adoption capacity is the primary constraint and not investment levels.

Truist raised its calendar year 2026 and 2027 revenue estimates to $3.65 billion and $4.11 billion from $3.61 billion and $4.06 billion, respectively.

The brokerage raised its price target to $305 from $262 and maintained its buy rating.

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