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    Andrew Merrick

    Managing Director and Senior Equity Research Analyst at Raymond James Financial, Inc.

    Andrew Merrick is a Managing Director and Senior Equity Research Analyst at Raymond James Financial, Inc., specializing in the real estate investment trust (REIT) sector, with deep coverage of companies such as Prologis, Equity Residential, and AvalonBay Communities. He is recognized for his rigorous analysis and investment recommendations, which have led to consistently positive performance metrics and top-tier ranking among real estate analysts on industry platforms. Beginning his financial services career in the late 1990s, Merrick held roles at firms including Morgan Stanley and UBS before joining Raymond James in 2012, solidifying his reputation within the REIT and diversified financials sectors. He holds FINRA Series 7, 63, 86, and 87 licenses, underscoring his professional standing and regulatory compliance.

    Andrew Merrick's questions to Ibotta (IBTA) leadership

    Andrew Merrick's questions to Ibotta (IBTA) leadership • Q2 2025

    Question

    Andrew Merrick of Raymond James asked where budgets from paused or lost clients are being allocated, questioning if they are moving to other performance channels or simply being parked.

    Answer

    Founder and CEO Brian Leach stated it's a combination of factors. Some clients have parked budgets due to internal spending freezes. However, he also took ownership, admitting that some business was lost because of disruption from the sales reorganization, where accounts were not adequately staffed to win available budgets. He believes repositioning Ibotta as a strategic growth driver will help recapture and grow these funds.

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