Ibotta price target lowered to $90 from $110 at BofA

BofA lowered the firm’s price target on Ibotta (IBTA) to $90 from $110 and keeps a Buy rating on the shares. Q3 results came in above consensus on revenue and EBITDA, but Ibotta guided to Q4 sales and EBITDA that missed consensus and management attributed the weaker Q4 guidance on exhaustion of CPG budgets, as there is a mismatch between demand and supply, the analyst tells investors. The firm lowered its estimates on near-term uncertainty following the report.