Why Vertex Stock Zoomed Almost 6% Higher on Thursday
Key Points
It was the subject of a bullish analyst update.
In that note, pundit Adam Hotchkiss reiterated his buy recommendation and lofty price target.
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Investors were snapping up shares of fintech stock Vertex (NASDAQ: VERX) on Thursday. That followed a rather glowing research update from an analyst at a prominent investment bank. With that in its favor, Vertex closed the trading day nearly 6% higher in price.
Price target boost
Well before market open, Goldman Sachs prognosticator Adam Hotchkiss published his new take on Vertex stock. He reiterated his buy recommendation on the company's equity and the existing $23 per share price target. That's almost 80% higher than the stock's most recent closing price.
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According to reports, Hotchkiss emphasized Vertex's numerous opportunities in the fintech space, including e-invoicing services. He also waxed bullish about the company's ability to draw value from targeted artificial intelligence (AI) investments.
Vertex has seen significant share price erosion, leaving it as a bargain on both valuations and price. Hotchkiss forecasts that the company will grow its net income this year compared to last.
Double-digit improvement
The analyst also pointed out that Vertex's 2025 revenue rose by 12% over the previous year, no mean feat given the company's long history (it was founded in 1978). I think the stock is a good play on its modest valuations and on its tendency to do well during periods of economic growth, like now. It's certainly worth considering as a buy.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Goldman Sachs Group. The Motley Fool has a disclosure policy.
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