Rothschild & Co Redburn analyst Joseph Barker downgraded Pinterest (PINS) to Neutral from Buy with a price target of $23, up from $17. The company is “currently sitting at the trough point of a faded internet asset, with a year of advertising pain still ahead,” the analyst tells investors in a research note. The firm sees limited opportunities for Pinterest to offset ongoing advertising weakness, adding the company may have the least defensible engagement in social media.
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