Goldman Sachs and JMP Securities analysts initiate coverage of Ibotta (IBTA) with differing ratings and price targets, highlighting its positive correlation to long-term growth themes in the digital advertising and grocery sectors.
JMP Securities emphasizes Ibotta's significant scale and potential to generate free cash flow for shareholders from the CPG category, projecting an ~$200B opportunity and the ability to attract more brands, improve coverage, and engage additional merchants.
Citi Research also starts coverage on IBTA, rating it as a Buy with a target price of $120. The firm recognizes Ibotta as a leader in digital promotions with a substantial lead over competitors and strong return on ad spend (ROAS) for CPG partners, positioning it for growth through expanding retailer networks.
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