Vertex price target lowered to $32 from $42 at Piper Sandler

Piper Sandler analyst Brent Bracelin lowered the firm’s price target on Vertex (VERX) to $32 from $42 and keeps an Overweight rating on the shares. The firm notes the downward guidance revision for the second consecutive quarter was uncharacteristic for this historically dependable company. A confluence of timing-related headwinds resulted in a $4M downward revision to top-line guidance. However, these changes have little to do with the demand picture, as management noted greater SAP migration momentum and robust eInvoicing demand, Piper adds. Execution risk remains a factor for Q4, which is expected to be heavily December weighted.