Needham initiated coverage of Ibotta with a Buy rating and $125 price target. The company offers a compelling combination of growth and profitability driven by its pivot from a DTC publisher of promotional content to consumers to a performance network that is integrated within third-party publishers, the analyst tells investors in a research note. This pivot will boost the company’s share of performance budgets, improve its unit economics, and elevate Ibotta to a “rule of 60 company”, the firm added.
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