Pinterest price target lowered to $20 from $32 at Bernstein

Bernstein analyst Mark Shmulik lowered the firm’s price target on Pinterest to $20 from $32 and keeps an Outperform rating on the shares following quarterly results. The firm says that “in a fear-dominated tape, even strong core performance of beats and raises don’t get rewarded.” Today, anything that ‘could’ get disrupted by AI is being priced as something that “will” get disrupted by AI, and Google’s (GOOGL) already launched a feature that looks awful like Pinterest (PINS), Bernstein argues.