Ibotta price target lowered to $60 from $80 at Needham

Needham analyst Bernie McTernan lowered the firm’s price target on Ibotta (IBTA) to $60 from $80 but keeps a Buy rating on the shares. The firm cites the company’s weaker than expected Q4 results and Q1 guidance. Supply remains the bottleneck for Ibotta which is meaningfully weighing on growth, causing redemption revenue growth to slow from 76% in FY23 to 26% in FY24, the analyst tells investors in a research note. Ibotta is working on shifting the way that clients buy off their network however, away from ROAS and towards CPID, or cost per incremental dollar, the firm added.