Veeva System down after KeyBanc downgrades to "SectorWeight"

Shares of healthcare tech firm Veeva Systems VEEV.N down about 3% at $223.74 premarket

KeyBanc downgrades stock to "SectorWeight" from "OverWeight"

Brokerage says large pharma clients that are in the middle of software evaluations are leaning toward Salesforce's CRM.N offerings, suggesting more losses than VEEV has outlined

Also says a healthy number of small- and medium-sized business customers have already migrated to CRM from VEEV

22 of 34 brokerages rate the stock "buy" or higher, 10 "hold", 2 brokerages rate the stock "sell" or higher; median PT is $320 - data compiled by LSEG

As of last close, stock up 9% YTD