Citi downgrades Ibotta on advertising supply challenges

Citi analyst Ronald Josey downgraded Ibotta (IBTA) to Neutral from Buy with a price target of $44, down from $82. Continued advertising supply challenges are impacting Ibotta’s revenue visibility, the analyst tells investors in a research note. The firm believes it is likely to take some time for the company to prove out return on ad spend across its advertising partners as it rebuilds its sales force. The stock’s risk/return is balanced at current levels, contends Citi.