Vertex initiated with an Overweight at Piper Sandler

Piper Sandler analyst Brent Bracelin initiated coverage of Vertex (VERX) with an Overweight rating and $48 price target The company has proven business model with low churn that is operating at a $700M-plus run-rate scale with multiple upside tailwinds that could reaccelerate sales growth from 13% in Q1 to 15-20% through 2030, the analyst tells investors in a research note. Piper believes company-specific catalysts that could reaccelerate Vertex’s growth include accelerating cloud enterprise resource planning adoption at key partners SAP and Oracle, broader product cross-sell and upsell, and steady new customer logo additions.