Ibotta price target lowered to $58 from $85 at Citizens JMP

Citizens JMP analyst Andrew Boone lowered the firm’s price target on Ibotta (IBTA) to $58 from $85 and keeps an Outperform rating on the shares. Ibotta’s Q4 revenue and EBITDA were both below the low end of guidance, while Q1 revenue and EBITDA guidance were 10% and 50% below consensus, respectively, the analyst tells investors in a research note. The firm thinks there is a path to reacceleration and for shares to re-rate as the company rebuilds credibility.