Ibotta price target raised to $57 from $48 at BofA

BofA raised the firm’s price target on Ibotta (IBTA) to $57 from $48 and keeps a Neutral rating on the shares after the company reported Q1 revenue and EBITDA above the Street consensus. Following the report, the firm raised its FY25 revenue and EBITDA estimates and says it believes a higher multiple is warranted on increased earnings estimates, higher market valuations and more confidence in visibility of growth trends for the remainder of the year, but would remain on the sidelines until the company proves it can move a larger portion of CPG clients to the CPID model, increase supply of promotions, and re-accelerate revenue growth to low-double digits.