UPDATE: Jefferies Starts Vertex Inc. (VERX) at Buy

(updating comment)

Jefferies analyst Samad Samana initiates coverage on Vertex Inc. (NASDAQ: VERX) at Hold, PT $34.00.

The analyst comments "VERX is well positioned to benefit from the secular adoption of third-party software to manage indirect taxes. A large TAM (~$7B) and macro tailwinds will fuel years of durable growth (JEF est: 13% CAGR 2018-2022). An increase in cloud adoption and greater scale will also support further margin expansion over the next several years. We believe VERX's LT prospects and reasonable valuation make it attractive."

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