Citi lowered the firm’s price target on Vertex to $32 from $34 and keeps a Neutral rating on the shares ahead of the Q1 report. The setup across financial software “remains somewhat mixed” with sentiment fairly low on recent execution concerns, yet sentiment for supply chain software is relatively stronger with most questions on the durability of growth and margin expansion opportunities, the analyst tells investors in a research note. The firm says that while data points and its conversations with resellers and implementation partners were generally softer for Q1, ramping regulations “appear to be driving an uptick in pipeline.”
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on VERX:
- Vertex, Inc. Announces Proposed Private Offering of $250 Million of Convertible Senior Notes
- Vertex Provides Preliminary Financial Results for First Quarter 2024 and Announces First Quarter Earnings Call Date
- Vertex upgraded to Neutral at BofA on improving visibility
- Vertex price target raised to $35 from $30 at BMO Capital
- Vertex upgraded to Neutral from Underperform at BofA