Ibotta downgraded to Neutral from Buy at UBS

UBS analyst Chris Kuntarich downgraded Ibotta (IBTA) to Neutral from Buy with a price target of $65, down from $90. The company called out exhausting advertiser budgets in Q3 such that it will not see typical Q4 seasonality, the analyst tells investors in a research note. As such, the firm has lost confidence that faster Redeemer growth begets advertiser budget growth, at least in the near-term. UBS would rather watch from the sidelines for evidence that advertisers increasingly view these promo budgets as dynamic pools of marketing spend that are utilized as always-on advertising tools.