Degas Wright is bullish on these two cloud stocks

Degas Wright explains why he is bullish on Veeva Systems stock.
He says IBM is doing all the right things in a new area of technology.
Cloud stocks (WCLD) have gained nearly 20% since mid-June 2022.

Cloud stocks (WCLD) are up nearly 20% since June 16^th, but it’s not too late to hop onto the rally, says Degas Wright – the Founder and CEO of Decatur Capital Management.

Wright likes Veeva Systems Inc

A name he likes to play the building strength in the cloud stocks is Veeva Systems Inc (NYSE: VEEV) that focuses on pharmaceutical and life sciences applications. On CNBC’s “Worldwide Exchange”, he said:

Confidence in the leadership of Peter Gessner were among other reasons why Wright is bullish on the cloud computing company. Also on Thursday, RBC Capital Markets added “VEEV” to its 2022 Best Ideas.

Wright also recommends IBM stock

A more everyday name he recommends is IBM Corporation (NYSE: IBM) that’s up 3.0% for the year – a huge achievement considering the market has been brutal to the tech stocks in 2022. Wright noted:

IBM had a strong Q1 and is expected to report its current quarter results on July 18^th. The stock currently trades at a PE multiple of 23.