Ibotta downgraded to Equal Weight from Overweight at Wells Fargo

Wells Fargo downgraded Ibotta (IBTA) to Equal Weight from Overweight with a price target of $30, down from $60. The company reported a Q2 revenue miss due to customer spending delays and a “tricky” macro environment, the analyst tells investors in a research note. The firm expects continued pressure on Ibotta’s revenue through at least year-end, with declines accelerating to the mid-teens as third party promotions remain constrained.