Vertex price target raised to $36 from $32 at Citi

Citi analyst Steven Enders raised the firm’s price target on Vertex to $36 from $32 and keeps a Neutral rating on the shares. The Q1 results for application software were varied with bars largely reset and expectations lowered, the analyst tells investors in a research note. The firm believes the guides are relatively conservative but says macro fears on financial software budget priority remains a drag on sentiment despite the mission critical view, undercurrent of demand from regulation, and likely minimal artificial intelligence impact in the near-term.