Ibotta price target lowered to $75 from $90 at Raymond James

Raymond James analyst Andrew Marok lowered the firm’s price target on Ibotta (IBTA) to $75 from $90 and keeps an Outperform rating on the shares. Ibotta reported Q2 results modestly ahead of expectations but guided Q3 below consensus on a softer market for its Advertising and Other business, the analyst tells investors in a research note. The Ibotta Performance Network also got a major boost with the announcement of Instacart (CART) as a new partner, moving into the delivery services segment with a category leader, the firm notes.