KeyBanc analyst Alex Markgraff lowered the firm’s price target on i3 Verticals to $27 from $28 and keeps an Overweight rating on the shares. The firm notes i3 Verticals reported Q3 results, restated to reflect the anticipated closing of the Merchant Services sale. RemainCo revenue declined 2% year-over-year and adjusted EBITDA margin contracted 230 bps, KeyBanc notes. FY24 RemainCo revenue growth was guided to 2% year-over-year at the midpoint, reflecting about $12M of revenue headwinds identified across specific project implementations, the ongoing SaaS transition, and headwinds in the education vertical, the firm adds.
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Read More on IIIV:
- i3 Verticals sees FY24 revenue from continuing operations $228M-$234M
- i3 Verticals sees FY25 cont-op EPS $1.05-$1.25, consensus $1.52
- i3 Verticals reports Q3 EPS from continuing operations 49c, consensus 36c
- i3 Verticals price target raised to $31 from $30 at Raymond James
- i3 Verticals price target raised to $29 from $27 at Stephens
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