Vertex price target raised to $60 from $50 at Jefferies

Jefferies raised the firm’s price target on Vertex (VERX) to $60 from $50 and keeps a Buy rating on the shares. The company posted solid beats on Subscription revenue and EBITDA, while the management highlighted several notable wins and reinforced that Vertex is still in the early stages of benefiting from a major ERP refresh cycle, the analyst tells investors in a research note. Vertex shares reflected the good results but can continue grinding higher, Jefferies added.