BofA Securities Downgrades Pinterest Inc (PINS) to Neutral as 'Recovery Trade' Continues
- Wall Street ends week positively; S&P 500, Dow hit record highs
- Bitcoin (BTC) Drops 3% as Turkey Bans Cryptocurrency Payments Citing Lack of Regulatory Supervision
- Morgan Stanley (MS) Archegos-Related Loss Appears to be $911M
- Dollar at 4-week low on retreating Treasury yields
- J&J (JNJ) Privately Asked Rival Covid-19 Vaccine Makers to Inspect Clotting Risks, AstraZeneca (AZN) Said Yes but Pfizer (PFE) and Moderna (MRNA) Declined - Report
(Updated - March 22, 2021 7:14 AM EDT)
BofA Securities analyst Justin Post downgraded Pinterest Inc (NYSE: PINS) from Buy to Neutral with a $78 price target, to reflect what they think will be another 2-3 quarter "recovery" trade.
"We continue to see Snap and Pinterest as strong secular growers, expect strong 1Q channel checks to aid stocks ahead of 1Q results, and anticipate acceleration in growth in 2Q, but we think investors may becoming increasingly
concerned on tougher 2H comps, especially in context of a broader economy that should be accelerating," the analyst commented.
Shares of Pinterest Inc closed at $73.01 yesterday.
You May Also Be Interested In
- UPDATE: Pinterest (PINS) Declines on Open, Down 5%
- KB Financial Group (105560:KS) (KB) PT Raised to KRW67,500 at Morgan Stanley
- Siemens AG (SIE:GR) (SIEGY) PT Raised to EUR170 at Jefferies
Create E-mail Alert Related CategoriesAnalyst Comments, Downgrades, Hot Downgrades
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!