Pinterest, Inc. (PINS) saw its shares tumble 5.42% in pre-market trading on Thursday, following a significant price target cut by RBC Capital Markets. The social media platform's stock price decline comes amid a broader reassessment of tech sector valuations by Wall Street analysts.
RBC lowered its target price for Pinterest from $50 to $45, representing a 10% reduction. This adjustment appears to have spooked investors, triggering a sell-off in the pre-market session. The reasons behind RBC's decision to cut Pinterest's target price were not immediately clear, but it comes as part of a wider trend of analyst revisions for major tech companies.
The downgrade for Pinterest was not isolated, as several other tech giants also faced target price reductions from RBC. Alphabet Inc. saw its target price cut from $235 to $200, Amazon's was reduced from $265 to $235, and Meta's target was lowered from $800 to $740. This pattern suggests that analysts may be recalibrating their expectations for the tech sector as a whole, possibly due to concerns about valuation levels or changing market conditions.
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