Ibotta: A Credible Network Pivot That Is Already Priced In
Ibotta, Inc. is rated Hold, with a $32 target, as the current valuation reflects both risks and upside from its business transition. The high-margin D2C app is in secular decline, with Q1 D2C revenue down 25% and margins contracting sharply. Growth in the lower-margin Ibotta Performance Network is not yet offsetting D2C losses, resulting in overall revenue and margin declines.