Analysts mainly slashed their price targets on Pinterest Inc. post Q4 results.
BofA analyst Justin Post lowered the price target on Pinterest to $46 from $57 (87.7 percent upside) and kept a Neutral rating on the shares.
While the company reported better than expected revenue and adjusted EBITDA, users are “still under pressure,” said Post, who called Q4 “a mixed quarter.”
For 2023, which he calls “key for valuation,” he is lowering revenue by 9 percent and adjusted EBITDA by 17 percent, noting that his estimate cuts primarily reflect lower user growth and higher expected operating expenses.
Piper Sandler lowered the Pinterest price target to $46 from $53.
Baird cut Pinterest’s price target to $45 from $53 (83.6 percent upside).
UBS analyst Lloyd Walmsley raised the Pinterest price target to $35 from $32 (42.9 percent upside) and maintained a Neutral.
Credit Suisse analyst Stephen Ju maintained Pinterest with a Neutral and lowered the price target from $45 to $39 (59 percent upside).
Rosenblatt analyst Mark Zgutowicz maintained Pinterest with a Neutral and reduced the price target from $55 to $35 (43 percent upside).
By Anusuya Lahiri
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