Pinterest Inc (PINS) PT Lowered to $40 at BMO Capital

BMO Capital analyst Brian J. Pitz lowered the price target on Pinterest Inc (NYSE: PINS) to $40.00 (from $46.00) while maintaining a Outperform rating.

The analyst commented, "Maintain Outperform and Reduce Target to $40 from $46, given higher: 1) R&D headcount costs and 2) infrastructure costs, which should continue improving the ranking/recommendation systems for users and advertisers in the longer term.
The 3Q24 revenue results and the 4Q24E outlook were mainly in line with BMO/Street, although the timing of the Performance+ launch could shift ad dollars into the 2H25E as advertisers A/B test. Our revenue growth is largely unchanged, although our 2025E/2026E EBITDA margins move lower to 27.5%/30% versus the prior 28%/30.7%."

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