Vertex price target lowered to $13 from $23 at DA Davidson

DA Davidson lowered the firm’s price target on Vertex (VERX) to $13 from $23 and keeps a Neutral rating on the shares. The company’s Q4 results were largely in line with estimates, and the new CEO Christopher Young is focused on driving product innovation and improving retention through greater support, the analyst tells investors in a research note. DA Davidson adds however that while Vertex reported bright spots with e-invoicing, a more meaningful upside to organic growth lacks near term catalysts.