Vertex price target lowered to $21 from $23 at Goldman Sachs

Goldman Sachs analyst Adam Hotchkiss lowered the firm’s price target on Vertex (VERX) to $21 from $23 and keeps a Buy rating on the shares. The stock’s post-earnings gains are more reflective of the significant operating changes and improved medium-term profitability targets than Q1 metrics, the analyst tells investors in a research note. The management’s updated disclosures and business changes directly address portions of the bear-case related to growth uncertainty and margin limitations vs. peers, which should drive durable relief in Vertex shares after a challenging start to the year, the firm added.