Ibotta price target lowered to $56 from $97 at Evercore ISI

Evercore ISI lowered the firm’s price target on Ibotta (IBTA) to $56 from $97 and keeps an Outperform rating on the shares. The firm is not surprised to see the stock off 40%-ish Thursday as Q4 results and Q1 outlook came in materially below management’s guidance range and consensus estimates, with the company attributed to insufficient offer supply relative to the growth in redeemers across its network. While some top consumer packaged goods did commit larger budgets, these increases did not fully offset the overall shortfall in brand spend, the analyst tells investors in a research note. The firm added that sales execution missteps limited Ibotta’s ability to capitalize on redeemer growth.