Pinterest price target raised to $44 from $40 at Oppenheimer

Oppenheimer raised the firm’s price target on Pinterest (PINS) to $44 from $40 and keeps an Outperform rating on the shares on higher peer valuations as Q2 results and management’s outlook were better than Street estimate. Stock declined 11% after hours on Q3 revenue guidance 100 bps slower, despite 300bps easier comps and higher investor expectations post RDDT/META. Oppenheimer expects second half of the year margin expansion well below first half levels on investments in AI, product and sales.