Morningstar, Jefferies agree on price target for Australia's Iress

** Morningstar lowers fair value estimate on Australia's Iress IRE.AX to A$8.5 from A$9.2 on expectations of lower operating margins for the software services provider

** Flags profitability improvements would likely be at a slower pace and "less pronounced" than was expected earlier

** Investment research firm forecasts EPS to grow 6% per year, over the next five years, with EBITDA margin averaging 27% per annum

** IRE shares closed 7.2% lower at A$8.72 on Monday on slower-than-expected margin growth, despite further cost reduction initiatives; Morningstar says shares are fairly valued

** Brokerage Jefferies, on the other hand, lifts PT on IRE to A$8.5 from A$8.4; keeps rating at "hold"

** Jefferies lifts earnings estimates on IRE by 18% for FY25 due to company's change in methodology accounts

** Brokerage flags company's reduction in net debt from last FY

($1 = 1.5356 Australian dollars)