Pinterest price target lowered to $40 from $45 at Bernstein

Bernstein lowered the firm’s price target on Pinterest (PINS) to $40 from $45 and keeps an Outperform rating on the shares. The firm says that while engagement – and commercial engagement at that – is clearly benefiting from gen AI enhancements, it’s hard to underwrite the AI winner narrative when the domestic business is growing slower than Google (GOOGL) Search. But if the company can show ad dollars following commercial eyeballs, “we’ll enter the slope of enlightenment” on U.S. revenue growth and see Pinterest move to the “AI winner” side of the ledger.