Ibotta initiated with a Neutral at Goldman Sachs

Goldman Sachs analyst Eric Sheridan initiated coverage of Ibotta with a Neutral rating and $103 price target. The firm views Ibotta as positively levered to a number of long-term secular growth themes within the consumer packaged goods sector across both digital advertising and grocery. However, the analyst sees debates around the overall macroeconomic impact on digital advertising, the pace of third party redeemer additions and the impact of the Walmart partnership as being the biggest potential drivers to upside/downside volatility in the coming year for the stock.