UPDATE: Evercore ISI Downgrades Pinterest Inc (PINS) to In Line
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Evercore ISI analyst Mark Mahaney downgraded Pinterest Inc (NYSE: PINS) from Outperform to In Line.
The analyst comments "PINS reported Mixed Q2 results, with Revenue and EBITDA well above the Street but MAUs well below. Key – Pinterest global MAUs declined Q/Q at the steepest rate we have seen (down 5% or 24MM), with U.S. MAUs down 5% Y/Y in Q2 and down 7% Y/Y so far in Q3. COVID reopening dynamics are the probable major factor. This is likely a temporary negative inflection in PINS’ lead metric, but it is a negative inflection, and the company appears to have shed many of the new users it gained during the COVID Crisis. There is now something of an open question as to whether PINS is experiencing maturation risk in its lead market, the U.S. As such, we are downgrading our rating to In-Line with a $60 PT, based on 11x EV/Sales and 35x EV/EBITDA."
Shares of Pinterest Inc closed at $72.04 yesterday.
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