Vtex initiated with a Buy at Citi

Citi initiated coverage of Vtex (VTEX) with a Buy rating and $10 price target The structural drivers in the Brazil software space “seem robust” and valuations in group still look “supportive,” the analyst tells investors in a research note. Citi names Vtex its top pick in the group. It is “structurally bullish” on the company’s long-term growth algorithm, saying the rollout of artificial intelligence initiatives may continue to accrue cost savings over time.