Ibotta downgraded to Market Perform from Outperform at Raymond James

Raymond James analyst Andrew Marok downgraded Ibotta (IBTA) to Market Perform from Outperform without a price target following the Q4 report. The print “missed targets across the board, with a significantly weaker” Q1 outlook, the analyst tells investors in a research note. The firm says management pointed to a shortfall in offer supply as the primary culprit. Raymond James says that while Ibotta pointed to some green shoots with its measurement platform showing promise among a couple select clients, it sees the proving-out period taking quarters, not weeks or months. This marks the fourth quarterly miss for Ibotta out of four since its initial public offering in April 2024, the firm notes. It believes investors will need to see sustained results before placing trust back in the company.