0802 ET - Softening consumer sentiment is weighing on Pinterest, Raymond James says, downgrading the stock to market perform from outperform. The analysts say weakness in consumer packaged goods in March contributed to a 2% to 3% budget forecast reduction for 2Q. A recent survey showed consumers are pulling back spending on home, beauty and alcohol, which could dent earnings for the social media platform, which earns revenue from digital advertising and third-party sales. These challenges outweigh Pinterest's strong management team and shopping strategy, Raymond James says. Pinterest sinks 7% premarket. (katherine.hamilton@wsj.com)
(END) Dow Jones Newswires
April 07, 2025 08:02 ET (12:02 GMT)
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