BofA raised the firm’s price target on Ibotta to $118 from $117 and keeps a Buy rating on the shares. For Q2, the firm’s revenue estimate remains $86.4M and it increased its EBITDA estimate slightly to $22.3M from $22.2M, noting that it raised its price target based on slightly higher cash proceeds from Ibotta’s IPO. The firm remains constructive on the long-term growth story for Ibotta, which it believes is “in the very early stages.”
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