i3 Verticals (IIIV) PT Lowered at KeyBanc as 'FY26 Growth Outlook Disappoints'

KeyBanc analyst Alex Markgraff lowered the price target on i3 Verticals (NASDAQ: IIIV) to $32.00 (from $35.00) while maintaining an Overweight rating.

The analyst commented: "FY26 Growth Outlook Disappoints, Core Intact; i3 Verticals F4Q results were above the Street, driven by outperformance in software and related services revenue. FY26 revenue and adj. EBITDA guidance (at the midpoint) were below expectations as the Company anticipates a decline in non-recurring professional services revenue and continued investment in product innovation (e.g., JusticeTech & Utility). We lower our FY26 revenue and adj. EBITDA estimates to reflect growth headwinds and incremental investment. We lower our PT to $32 to reflect our revised estimates. Maintain OW."

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