Vertex price target raised to $60 from $57 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Vertex (VERX) to $60 from $57 and keeps an Overweight rating on the shares. The company’s first investor day showcased how multiple secular tailwinds and new product investments set the company up well to drive durable growth, the analyst tells investors. New long-term targets were revised higher-than-expected as management sees 20%-plus subscription revenue growth and high-20s adjusted EBITDA margins in 2028, the analyst added.