12:09 PM EDT, 08/29/2024 (MT Newswires) -- Veeva Systems ( VEEV ) posted strong fiscal Q2 results that were complemented by improved billings quality and guidance, Oppenheimer said in a note.

The company delivered "better than expected 2Q results, and raised the FY25 top-line and EBIT outlook against a cautious investor backdrop," the note said, adding that revenue and normalized billings were both above analysts' estimates.

Also, Veeva's ( VEEV ) management increased billings guidance by $15 million, and it raised the low-end of its revenue outlook by $4 million, Oppenheimer said.

"Billings quality also trends higher with the increase coming from subscription (~$20M by our estimate)," the note said.

Oppenheimer has an outperform rating on Veeva ( VEEV ) and $230 price target.

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