Morgan Stanley analyst James Faucette raised the firm’s price target on i3 Verticals (IIIV) to $30 from $25 and keeps an Equal Weight rating on the shares. The Q3 outperformance is likely reassuring investors about the strength of i3’s repositioned business following a prolonged transition to a pure play Public Sector software company, the analyst says. The line of sight is clearing, but the firm thinks this improved clarity is “well reflected in current valuation” with the stock up about 35% year-to-date, the analyst added.
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