UPDATE: UBS Assumes Coverage on Pinterest Inc (PINS), Downgrades to Neutral

December 2, 2021 4:17 AM EST
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Price: $26.84 -0.15%

Rating Summary:
    18 Buy, 18 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 16 | New: 32
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(Updated - December 2, 2021 4:55 AM EST)

UBS analyst Lloyd Walmsley assumes coverage on Pinterest Inc (NYSE: PINS) with a Neutral rating (from Buy) and a price target of $42.00.

The analyst comments "We are below consensus on Pinterest revenue and user growth given evidence of continued app usage declines, deteriorating ad checks, and a suspect product pivot. If Pinterest cannot turn around user and revenue growth, the multiple will continue to re-rate lower, with almost 30% risk to the multiple in our bear case. UBS Evidence Lab data on app downloads and users has not shown an inflection since the start of 3Q21. That said, the company is scaling up a brand ad campaign in 4Q21 that could turn trends around. And the opportunity around on platform shopping is large. We think shares current discount much of the negatives in our view and thus we assume coverage with a Neutral rating and price target of $42 ."

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 $37.29 yesterday.

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