- The shares of Pinterest Inc (NYSE: PINS) have received a $26 price target from JPMorgan. These are the details.
The shares of Pinterest Inc (NYSE: PINS) have received a $26 price target from JPMorgan. And JPMorgan analyst Doug Anmuth is maintaining a “Neutral” rating on the shares.
Anmuth adjusted the rating after reducing estimates and price targets across 26 companies under his interest coverage. The rating was due to macro pressures, currency moves, and company-specific dynamics. And the overall macro environment took a hit since the first-quarter earnings with inflation reaching a 40-year high in May, fuel costs up 45% since early February, and Chase credit card data indicating slowing consumer spending and lower consumer confidence.
Plus Anmuth’s model suggests a 66% chance of a recession over the next 2 years and an 83% chance over the next 3 years. And Anmuth believes the Internet sector continues to have secular growth but added that it is far more mature than in 2008-2009, and the ability to offset broader, macro trends is more limited. But Anmuth believes that buy-side expectations and many equity prices already reflect a softer macro environment.
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