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Vertex downgraded to Neutral from Buy at DA Davidson

DA Davidson assumed and downgraded Vertex (VERX) to Neutral from Buy with a price target of $29, down from $50. The company’s Q2 results were in-line but the guide for FY25 was revised down given the uncertain macro, even though the long-term growth outlook remains on track, driven by the ongoing ERP upgrade cycle, the analyst tells investors in a research note. To combat the cost pressures and macro, the company is reducing planned head count growth, which should give a better expense trajectory for 2026 and beyond, the firm added.

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