Vertex Inc. (VERX) PT Lowered to $30 at BMO Capital

BMO Capital analyst Daniel Jester lowered the price target on Vertex Inc. (NASDAQ: VERX) to $30.00 (from $38.00) while maintaining a Market Perform rating.

The analyst comments "Results in 2Q were softer than expected reflecting lower usage growth and slowing in the SAP ecosystem, which trimmed the outlook for the year. We have argued that shares have recently embedded "too much, too soon" for SAP migrations given the uncertainty around deal cadence in a multi-year journey (link). Near-term visibility has lessened. We think investment the company is making in e-invoicing and better macro trends could be catalysts for better momentum into next year. Our target price drops to $30 which assumes limited near-term demand improvement."

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