Vertex Pharmaceuticals price target lowered to $445 from $455 at Stifel

Stifel lowered the firm’s price target on Vertex Pharmaceuticals (VRTX) to $445 from $455 and keeps a Hold rating on the shares. The commercial business appears to have a more narrow variance on a quarter-to-quarter basis, making Vertex “less of a beat-and-raise story and more one that may be dependent on pipeline for significant upside,” the analyst tells investors in a post-earnings note.