i3 Verticals (IIIV) PT Lowered to $24 at BMO Capital

BMO Capital analyst Rufus Hone lowered the price target on i3 Verticals (NASDAQ: IIIV) to $24.00 (from $25.00) while maintaining a Market Perform rating.

The analyst commented, "We trim our forward EBITDA estimates 3-5% and our target to $24. FY2Q24 results slightly missed expectations and FY24 guidance was slightly reduced (for the second consecutive quarter). Importantly, IIIV is still exploring a potential sale of its Merchant Services business; most investors had anticipated an announcement as soon as this quarter. While we expect a divestiture would be well-received, leaving RemainCo as a software-centric business with minimal leverage, we worry that it may take longer-than anticipated to find a buyer and a re-rating may take time to fully play out."

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