Jefferies downgrades Pinterest into 2025 on ‘more muted’ ad checks

Jefferies downgraded Pinterest (PINS) to Hold from Buy with a price target of $32, down from $40. The firm is positive on the internet sector heading into 2025, citing a supportive macro backdrop and constructive valuations. It recommends investors focus on stories that can “consistently beat and raise,” as it expects internet outperformance to be driven more by fundamentals than multiple expansion. Jefferies downgraded Pinterest on expectations of slower Performance+ rollout and margin growth against its “more muted” advertising checks.