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- BofA analyst Brad Sills downgraded Vertex Inc VERX to Underperform from Neutral with a price target of $20, down from $24, indicating a 9% upside.
- Sills cites the company's slowing growth and negative margin leverage, adding that in recent years, Vertex has ramped investment in sales and marketing to accelerate expansion deal activity, which has negatively impacted EBITDA margin.
- Sills further notes, however, that at 5-times expected 2023 revenue multiple, he sees the downside on the shares as limited.
- Meanwhile, tech stocks have got impacted by the surge in bond yields.
- Price Action: VERX shares traded lower by 8.87% at $18.39 on the last check Monday.
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