KeyBanc analyst Justin Patterson lowered the firm’s price target on Pinterest (PINS) to $40 from $48 and keeps an Overweight rating on the shares. The firm takes a slightly more cautious stance on Pinterest and Snap (SNAP), reflecting its view that partnerships and AdTech rebuilds take time to ramp, and that macro adds some noise to Q2 guidance. Even so, KeyBanc maintains that Pinterest is on track for at least 17% revenue growth in 2024, which is arguably better than bears fear.
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