Ibotta price target lowered to $85 from $111 at JMP Securities

JMP Securities lowered the firm’s price target on Ibotta (IBTA) to $85 from $111 and keeps an Outperform rating on the shares. Ibotta reported a beat and lower quarter as annual consumer packaged goods budgets were exhausted by robust coupon inventory growth earlier in the year, the analyst tells investors in a research note. While the firm believes Ibotta’s plans going forward are sound, it will take time, and JMP acknowledges the execution risk and lack of visibility ahead as it awaits greater proof of advertiser traction.