Morgan Stanley notes that Vertex announced on December 13, 2023, its public tender offer to acquire e-invoicing leader Pagero for approximately $555M in cash and that the acceptance period of the offer expires on January 23. Recent stock underperformance since the announcement presents an “attractive opportunity to buy a still underappreciated SMID-cap winner for 2024,” says the analyst, who sees Vertex revenue growth likely accelerating to high-teens after acquiring Pagero. The firm maintains an Overweight rating and $32 price target on Vertex shares.
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