DA Davidson added i3 Verticals to the firm’s list of “Stampede ideas,” expecting the company could sell its Merchant Services segment at approximately 8-times the firm’s fiscal 2024 segment adjusted EBITDA forecast of $42M, and use proceeds to reduce or eliminate its net leverage. Once complete, the market will value the pure-play Vertical Software company at a substantially higher valuation, the analyst tells investors in a research note. DA Davidson has a Buy rating on i3 Verticals.
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