Ibotta price target lowered to $114 from $125 at Evercore ISI

Evercore ISI analyst Mark Mahaney lowered the firm’s price target on Ibotta to $114 from $125 and keeps an Outperform rating on the shares. The stock fell 8% after hours due to lighter-than-expected revenue guidance, largely due to a softer outlook on advertising revenue, as implied Q3 redemption revenue is still set for 20% growth at the mid-point of guidance, in-line with Street expectations, the analyst tells investors in a research note.