Shares of Pinterest Inc (NYSE: PINS) tanked in premarket trading on Friday, despite the company reporting upbeat earnings for its fourth quarter.
The results came amid an exciting earnings season. Here are some key analyst takeaways from the release.
Roth Capital Partners analyst Rohit Kulkarni maintained a Neutral rating, while lifting the price target to $38.
Wedbush analyst Scott Devitt reiterated a Neutral rating, while raising the price target from $35 to $38.
Piper Sandler analyst Thomas Champion reaffirmed an Overweight rating, while raising the price target from $44 to $48.
JPMogan analyst Doug Anmuth maintained a Neutral rating, while lifting the price target from $34 to $38.
Stifel analyst Mark Kelley reiterated a Buy rating and price target of $42.
Baird analyst Colin Sebastian reaffirmed an Outperform rating and price target of $42.
Goldman Sachs analyst Eric Sheridan maintained a Buy rating and price target of $41.
Check out other analyst stock ratings.
Roth Capital Partners: Pinterest’s stock came under pressure in after-hours trading on Thursday, after the company reported a revenue miss for the fourth quarter and announced its first-quarter revenue guidance “below high-end buyside expectations,” Kulkarni said in a note. He added, “1Q EBITDA & front-end loaded 2024 margin commentary likely spooked high-end expectations.”
The two positive surprises from Pinterest were its getting Google (NASDAQ: GOOGL)(NASDAQ: GOOG) on board as an advertising partner overseas and monthly active users (MAUs) coming in above expectations, the analyst further stated.
Wedbush: Pinterest reported mixed results for the fourth quarter, with revenue short and adjusted EBITDA ahead of Street expectations, Devitt said in a note. “Expectations were elevated heading into the print,” he added.
Although revenue growth disappointed, management has “firmly communicated that the impact of recent product and partnership developments will materialize over multiple quarters,” the analyst wrote. “Further, Pinterest announced a new third-party ad integration with Google, which should help improve monetization in international markets,” he further stated.
Piper Sandler: Pinterest missed Q4 revenue expectations and management indicated that “weakness in F&B late in the quarter drove a…
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