Needham raised the firm’s price target on Ibotta (IBTA) to $70 from $60 and keeps a Buy rating on the shares. The firm cites the company’s better than expected Q1 results while noting that Ibotta is currently transitioning advertising spending on their platform from ROAS based metrics to incremental purchases or CPID. Data points show CPID is showing encouraging signs early and while FY25 will likely be about getting the processes in place, it should set up Ibotta for success in FY26, the analyst tells investors in a research note.
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