Ibotta Inc (IBTA) PT Raised to $70 at Needham

Needham analyst Bernie McTernan raised the price target on Ibotta Inc (NYSE: IBTA) to $70.00 (from $60.00) while maintaining a Buy rating.

The analyst commented: "We reiterate our Buy rating and increase our PT to $70 following better than expected 1Q results. The focus for IBTA currently is transitioning advertising spending on their platform from ROAS based metrics to incremental purchases or CPID. We gained some additional positive data points this quarter, including the initial two testing CPG advertisers increased their spend by 2x and 8x, respectively, vs expected in 1H vs last year. Additionally, there are three more clients joining the test. Overall, we think these data points show CPID is showing encouraging signs early and while '25E will likely be about getting the processes in place, it should set up IBTA for success in '26E and beyond with revenue acceleration allowing the company to benefit from their structurally high incremental margins."

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