Pinterest price target lowered to $31 from $32 at Piper Sandler

Piper Sandler analyst Thomas Champion lowered the firm’s price target on Pinterest to $31 from $32 and keeps an Overweight rating on the shares. The company’s Q1 revenue and EBITDA were above Street, while Q2 guidance was weaker, the analyst tells investors in a research note. The firm likes the Amazon Ads partnership and says strong engagement continues with supply again growing 30% year-over-year. That said, Pinterest’s spending guide was higher than expected for Q2 despite recent layoffs, adds Piper.