Vertex price target lowered to $55 from $62 at DA Davidson

DA Davidson analyst William Jellison lowered the firm’s price target on Vertex (VERX) to $55 from $62 and keeps a Buy rating on the shares. The company’s Q4 results demonstrated sustained strength in underlying business activity and a heightened conviction in the value propositions of new products in e-invoicing and AI, though the firm’s price target cuts reflects a reduction in bottom-line estimates and the discounting in the comparable top quartile valuation for Vertical Software, the analyst tells investors in a research note.