i3 Verticals initiated with a Buy at Berenberg

Berenberg analyst Mark Palmer initiated coverage of i3 Verticals with a Buy rating and $30 price target as part of a broader research note on Digital Payment names. The company is focused on increasing its penetration of the Public Sector and Healthcare verticals as they are large, growing, and underserved, the analyst tells investors in a research note. The verticals also give i3 “fertile ground” to execute its M&A strategy, the firm adds, noting that the company spurred its growth with dozens of acquisitions over the past decade.