i3 Verticals price target lowered to $32 from $35 at KeyBanc

KeyBanc lowered the firm’s price target on i3 Verticals (IIIV) to $32 from $35 and keeps an Overweight rating on the shares. The firm notes i3 Verticals’ Q4 results were above the Street, driven by outperformance in software and related services revenue. FY26 revenue and adjusted EBITDA guidance, however, were below expectations as the company anticipates a decline in non-recurring professional services revenue and continued investment in product innovation, KeyBanc adds.