Vertex downgraded to Market Perform from Outperform at Raymond James

Raymond James downgraded Vertex (VERX) to Market Perform from Outperform without a price target The firm repositioned several ratings throughout the application software sector at the start of 2025. While Vertex remains one of the best longer term compounding stories in the group, a combination of Raymond James’ numbers being moderately below consensus and a valuation “now noticeably above the group” has the risk/reward looking more balanced, the analyst tells investors in a research note. While the firm does not see a risk to near-term numbers, it believes “two of the more exciting catalysts” of e-invoicing and a refresh cycle are likely to play out over the next several years rather than provide a material source of upside in the very near term.