BofA lowered the firm’s price target on Vertex to $34 from $40 and keeps a Neutral rating on the shares after the company pre-announced “healthy” Q1 results to accompany a proposed private offering of $250M of convertible senior notes. The firm, which says it will update estimates following Vertex’s Q1 earnings announcement on May 8, lowered its price target based on a lower multiple, citing decelerating growth.
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Read More on VERX:
- Vertex Expands Debt Capacity and Plans Convertible Notes Offer
- 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
