Vertex downgraded to Hold from Buy at Jefferies

Jefferies analyst Samad Samana downgraded Vertex to Hold from Buy with a price target of $15, up from $13.50. He does not see material upside in the fundamentals with key end market drivers – such as globalization, e-commerce and IT spending – slowing, Samana tells investors. In addition, outperformance last year closed the valuation gap that had existed between Vertex and the software peer group, Samana said.