UPDATE: JPMorgan Downgrades Pinterest Inc (PINS) to Neutral

July 30, 2021 6:12 AM EDT
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Price: $54.23 --0%

Rating Summary:
    21 Buy, 14 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 7 | Down: 8 | New: 7
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(Updated - July 30, 2021 6:26 AM EDT)

JPMorgan analyst Doug Anmuth downgraded Pinterest Inc (NYSE: PINS) from Overweight to Neutral with a price target of $68.00.

The analyst commented, "Overall, PINS delivered solid revenue growth amid high expectations for 2Q, but the magnitude of the MAU miss, disappointing 3Q outlook, & uncertainty around the shift to more of a creator platform are likely to keep pressure on shares N-T. While we acknowledge 3Q revenue guidance could be conservative, we come away w/a more cautious stance on: 1) the transition to Idea Pins, 2) MAU trajectory following pandemic-driven pull-forward, & 3) impact on both user experience & monetization following platform shift. We entered 2Q earnings wary
on PINS relative to the rest of the online ads group, and we move to the sidelines during this period of transition. We are downgrading PINS shares from OW to N and establish a Dec ’22 PT of $68 based on ~10.5x 2023E revenue of $4.3B."

For an analyst ratings summary and ratings history on Pinterest Inc click here. For more ratings news on Pinterest Inc click here.

Shares of Pinterest Inc closed at $72.04 yesterday.


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