29 Mar 2022
Pinterest Plummets after Morgan Stanley Cuts Target by 43%
The Index Today
Pinterest dipped by 2.3% during premarket trading on Tuesday after analysts at Morgan Stanley adopted a negative attitude, labelling its stocks as ‘equal weight’ for a number of reasons.
According to Investing.com, the target price of Pinterest stocks is down by over 43% at $30. Although its stocks ended Monday trading on a 3.8% high at $26.45, Pinterest is still low at nearly 62% in the previous year.
Although Pinterest posted bullish figures in its fourth quarter performance, analysts have found that waning user time in the U.S. for each consumer fell from 1% to 19% year-over-year, plunging to levels last seen in 2017.
In order to boost its standing following its present decline, Pinterest has been concentrating on developing Pinterest TV, Idea Pins, and influencer marketing facilities, an area where Instagram, TikTok, and YouTube reign supreme.