Monness Crespi downgrades Pinterest on worries about ad environment, competition

As previously reported, Monness Crespi downgraded Pinterest (PINS) to Neutral from Buy and lowered the firm’s estimates after the company reported “uninspiring” Q3 results, issued a “muted” Q4 outlook, and hosted an “unsettling” conference call. The combination of a more challenging environment in certain advertising verticals and growing concerns around the competitive landscape in the generative AI era is driving the firm to the sidelines, the analyst tells investors.