Ibotta price target lowered to $105 from $131 at Wells Fargo

Wells Fargo analyst Ken Gawrelski lowered the firm’s price target on Ibotta to $105 from $131 and keeps an Overweight rating on the shares. The firm is looking for further management insight on 3PP redeemer growth potential after significant pressure on shares following the Q1 earnings, the analyst tells investors in a research note. The firm expects Q23 revenue and EBITDA results at the high end of guidance, and expects the stock reaction will likely be dictated by the Q3 guidance and second half outlook commentary.