HSBC has adjusted its price target for Pinterest (PINS, Financial), reducing it from $46.30 to $32.70. Despite this downgrade, the firm maintains a "Buy" rating on the stock. This revision comes as HSBC reassesses the prospects for social media and advertising technology companies it covers in response to challenging macroeconomic conditions.
The updated forecasts reflect a reduction in expected revenue growth, with projections for fiscal year 2025 trimmed by 300 to 500 basis points and fiscal year 2026 estimates lowered by 200 to 300 basis points. These adjustments underscore a more cautious outlook on global advertising demand in the near-to-medium term.
