Pinterest price target lowered to $34 from $35 at UBS

UBS analyst Lloyd Walmsley lowered the firm’s price target on Pinterest (PINS) to $34 from $35 and keeps a Buy rating on the shares. While Pinterest’s Q2 revenue outlook was slightly disappointing, the key story is partner monetization and continued progress on shopping functionality, which stands to improve both monetization and engagement, the analyst tells investors in a research note. The firm thinks the partnership with Amazon (AMZN) is likely to drive a step-function improvement in top line growth in 2024 at high incremental margins.