Vertex price target raised to $52 from $42 at BMO Capital

BMO Capital raised the firm’s price target on Vertex (VERX) to $52 from $42 and keeps a Market Perform rating on the shares after its Q3 earnings beat. The company delivered good results with upside on subscription revenue and EBITDA, somewhat offset by essentially in-line core annual recurring revenue growth and customer additions, the analyst tells investors in a research note. BMO adds that it had underappreciated Vertex’s ability to grow mid/high-teens with minimal customer growth.