As previously reported, MKM Partners analyst Rohit Kulkarni downgraded Pinterest (PINS) to Neutral from Buy with an unchanged $27 price target. The stock has risen 52% since late July while consensus estimates for 2023 and 2024 have "steadily declined", and at current levels, the risk-reward on Pinterest looks "fairly balanced", the analyst tells investors in a research note. Kulkarni further notes that his proprietary ad agency survey results have marginally negative read-throughs for Pinterest as compared to Facebook (META), Instagram, YouTube (GOOGL), and Snap (SNAP), implying a potential market share loss.
Published first on TheFly
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