Vertex price target raised to $47 from $42 at JMP Securities

JMP Securities raised the firm’s price target on Vertex to $47 from $42 and keeps an Outperform rating on the shares ahead of the Q2 results on August 7. JMP continues to like Vertex as an opportunity for capital appreciation, as it offers a superior cloud tax solution and is in a strong position to benefit from ERP migrations due to its deep integrations with leading vendors, it targets a large total addressable market, it is well-positioned to bolster its tax compliance offerings through strategic M&A, and it offers a model with durable growth and increasing profitability throughout macroeconomic cycles, the analyst tells investors in a research note.