BUZZ-Pinterest dips after Piper Sandler downgrades to 'neutral', cuts PT

Reuters12-10

** Shares of image-sharing platform Pinterest down ~2% at $32.31 premarket

** Brokerage Piper Sandler downgrades stock to "neutral" from "overweight", cuts PT to $36 from $41

** Says have less confidence in the product roadmap and ability to grow revenue consistently ~10% and more above user growth

** Adds, earnings growth has slowed in the past two quarters, following the introduction of Direct Links during Q4 2023, which did not show significant results in Q1 2024

** We suspect PINS will need a cadence of new products to return to the pattern of "beats" - brokerage

** Last month, PINS Q4 revenue forecast disappointed investors looking for a boost from the holiday shopping season

** Twenty-nine of 41 brokerages rate the stock "buy" or "higher" and 12 "hold"; their median PT is $39 - LSEG

** Up to last close, stock down nearly 11% YTD

(Reporting by Anuja Bharat Mistry in Bengaluru)

((AnujaBharat.Mistry@thomsonreuters.com;))

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