Ibotta, Inc.: Buy Rating Affirmed Amid Growth Potential and Strategic AdvancementsWe reiterate our Buy rating and $33 PT following 3Q results, driving us to lift our 2H25 estimates by ~40%, but temper our expectations for '26E, assuming -5% rev decline vs slight growth prior. IBTA appears to be making gradual steps towards adoption of their in- campaign measurement tool LiveLift (former CPID), indicating peak levels of pilots and strong conversion of past pilots. However, the numbers remain small and frankly moving slower than investors would like to see. IBTA is attempting to quicken the pace of the adoption cycle, but continue to run into challenges given they are trying to structurally change how digital promotions are bought. With lowered expectations for next year and a discounted valuation, we like the potential upside in shares but acknowledge we have yet to find an estimate floor keeping risk reward wide.