Evercore ISI downgraded Pinterest (PINS) to In Line from Outperform with a price target of $25, down from $40. The firm cites the company’s Q4 miss for the downgrade. Pinterest’s fundamentals are “clearly deteriorating,” with revenue growth decelerating from 17% in Q2 to 16% in Q3 to 13% in Q4, the analyst tells investors in a research note. Evercore is increasingly concerned that the company’s competitive intensity is rising from Google, Meta, and plausibly Reddit and other platforms.
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