Loop Capital downgraded Pinterest (PINS) to Hold from Buy with a price target of $18, down from $45, after “a disappointing miss and lower” report. The firm, which says its enthusiasm for Pinterest’s unique use case, commercial relevance and strong user growth story is overshadowed by struggles to monetize and outsized exposure to unusual macro conditions, also notes that the company is increasing its spending outlook and thinks it will take “several quarters at least” to restore investor confidence.
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