Ibotta Inc (IBTA) PT Lowered to $105 at Wells Fargo

Wells Fargo lowered its price target on Ibotta Inc (NYSE: IBTA) to $105.00 (from $131.00) while maintaining a Overweight rating.

The analyst commented: "After significant pressure on shares post 1Q earnings (-31% vs. SPX +6%), looking for further mgmt insight on 3PP redeemer growth potential, the most important metric for
the business, in our view. Maintaining 2Q ests w/ some mix shift. PT to $105. Accelerating mix shift to 3PP business. Reduce 2Q-4Q D2C revenue LSD on weaker D2C DAUs exiting the quarter. Raise 2Q 3PP rev 3% & largely maintain 2H 3PP revenue. Maintain 2Q EBITDA but reduce 2H EBITDA MSD on slightly reduced total revs. '26 EBITDA revised down LSD on flow through. Reduce PT to $105 (prev $131), implying 15x '26 EBITDA of $235M. Reducing target multiple to reflect what we perceive to be a modestly higher risk profile."

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