Analyst Joshua Reilly from Needham maintained a Buy rating on Vertex and keeping the price target at $40.00.
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Joshua Reilly has given his Buy rating due to a combination of factors surrounding Vertex, Inc. The announcement of the CEO transition, with David DeStefano stepping down and Mr. Young taking over, is seen positively. Mr. Young’s extensive experience in top technology companies is expected to bring valuable practices to Vertex, potentially enhancing its operational efficiency.
Furthermore, the pre-release of Q3 earnings showed a modest revenue beat and a larger EBITDA beat, indicating strong financial performance. Although the forward operating model is not expected to change significantly, the positive earnings results and leadership transition contribute to a favorable outlook for the company. These elements combined support Reilly’s Buy rating for Vertex’s stock.
In another report released today, Jefferies also maintained a Buy rating on the stock with a $35.00 price target.