The tax software company is set to deliver strong cloud growth over the next few years, according to the firm.
Tax software company Vertex has a long-term growth runway ahead, according to Jefferies. Analyst Samad Samana upgraded shares to buy from hold and raised his price target by $15 to $50, suggesting about 18.6% upside. This year, Vertex shares are up 56.5%, significantly outperforming the S & P 500's 20% advance.
The company's management expects 28% cloud growth this year, and Samana thinks it can see compounded annual growth of more than 20% through at least 2027. Samana said Vertex's cloud revenue growth opportunity is supported by its September acquisition of e-invoicing provider Ecosio. Vertex could also see continued strong customer migration from on-premise software to the cloud, benefitting its revenue growth and margins, he said.
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