Morgan Stanley analyst James Faucette lowered the firm’s price target on i3 Verticals (IIIV) to $28 from $30 and keeps an Equal Weight rating on the shares following a more muted FY26 outlook, driven by a decline in nonrecurring professional services as revenue recognition on certain projects in utilities and transportation is pushed out to FY27. Noise created by recent divestitures and one-time items made understanding the growth algorithm difficult, though the miss is “largely timing-related,” the analyst tells investors.
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