Vertex initiated with an Outperform at Raymond James

Raymond James analyst Alexander Sklar initiated coverage of Vertex with an Outperform rating and $19 price target. Shares offer a compelling combination of a leading indirect tax solution, a healthy growth/profitability profile, a defensive model, and a reasonable valuation, the analyst tells investors in a research note. Raymond James believes Vertex should continue to benefit from a complex indirect tax market that is likely to only get more challenging with changing government regulations and business model shifts.