Ibotta cut to Sell at Goldman Sachs on diminishing visibility into growth

As previously reported, Goldman Sachs downgraded Ibotta (IBTA) to Sell from Neutral with a price target of $26, down from $30. The firm notes that its outlook for the company’s addressable market opportunity, revenue growth forecast, and margins and operating leverage have diminished, the analyst tells investors in a research note. Goldman adds however that it stills sees Ibotta as having a large opportunity to grow into its current third-party supply base over the long-term through partnerships with Walmart (WMT), Instacart (CART) and others.