Goldman Sachs downgraded Ibotta (IBTA) to Neutral from Buy with a price target of $30, down from $58. The company’s Q2 sales and Q3 framework missed estimates as its platform transition to more performance based marketing remains a headwind, the analyst tells investors in a research note. The firm cites a lack of visibility into Ibotta’s platform transition for the downgrade. It believes investor patience is required.
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