Ibta stock rises as Goldman Sachs, Citi assume coverage
On Monday, Goldman Sachs analysts initiated research coverage of Ibotta with a Neutral rating and a 12-month price target of $103, saying they see the stock as “positively levered to a number of long-term secular growth themes within our sector across both digital advertising and grocery.”
Their positive outlook is driven by Ibotta's growing scale, encompassing over 2,400 CPG brands, 850 retail partners, and exposure to over 200 million consumers. They believe that increased consumer reach will attract more brands, enhance coverage, and draw in more merchants. The Wall Street firm views the company as the leader in digital promotions with 4x the digital promotions of its nearest competitor and a 7x ROAS for its CPG partners, and believes it is well-positioned for further growth with expanding retailer networks and potential for greater brand penetration.
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