Piper Sandler downgraded Pinterest (PINS) to Neutral from Overweight with a price target of $36, down from $41. The firm is moving to the sidelines following two quarters of “mixed prints.” For 2024, 20% revenue growth seems unlikely given the Q4 15%-17% guide and its Q1 will likely see growth in the low double-digit range, the analyst tells investors in a research note. Piper says its early read on Performance+ is mixed and as its advertising buyer survey suggests a competitive small-cap advertising field. With “unresolved questions” post the Q3 print, Piper downgraded Pinterest.
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