UBS analyst Chris Kuntarich downgraded Ibotta (IBTA) to Neutral from Buy with a price target of $65, down from $90. The company called out exhausting advertiser budgets in Q3 such that it will not see typical Q4 seasonality, the analyst tells investors in a research note. As such, the firm has lost confidence that faster Redeemer growth begets advertiser budget growth, at least in the near-term. UBS would rather watch from the sidelines for evidence that advertisers increasingly view these promo budgets as dynamic pools of marketing spend that are utilized as always-on advertising tools.
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Read More on IBTA:
- Ibotta, Inc. Reports Strong Q3 2024 Financial Results
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- Ibotta reports Q3 adjusted EPS 94c, consensus 35c
- Ibotta sees Q4 revenue $100M-$106M, consensus $110.29M
- IBTA Upcoming Earnings Report: What to Expect?
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