Ibotta initiated with an Outperform at Evercore ISI

Evercore ISI initiated coverage of Ibotta with an Outperform rating and $125 price target. Ibotta is a provider of digital promotions and performance marketing solutions for consumer packaged goods, or CPG, brands and the firm’s thesis is predicated on the view that Ibotta has established itself as a leader in the digital promotions space based on a differentiated pay-for-performance model and a robust two-sided marketplace, the analyst tells investors. Ibotta has growing competitive moats and “a very solid value proposition” for CPG brands, retailers, and consumers, the analyst added.