Pinterest Inc (NYSE:PINS) is trading lower Tuesday following a downgrade from Guggenheim.
Guggenheim analyst Michael Morris downgraded Pinterest from a Buy rating to a Neutral rating and lowered the price target from $46 to $39.
According to CNBC reports, the downgrade follows consecutive months of declining global users and average daily downloads.
"Those cuts coming after the platform saw global users fall in back-to-back months, down 8% across the Asia Pacific region, down 7% in Latin America," CNBC anchor Dierdre Bosa reported Tuesday on CNBC's "TechCheck."
Bosa also said that Pinterest's average daily downloads have declined for four consecutive months, citing Apptopia.
Wolfe Research analyst Deepak Mathivanan initiated coverage on Pinterest today with a Peer Perform rating and a $45 price target.
See Also: Benzinga's Top Ratings Upgrades, Downgrades For January 4, 2022
PINS Price Action: Pinterest has traded as low as $34.07 and as high as $89.90 over a 52-week period.
The stock was down 10% at $32.77 at time of publication.
Photo: Zan Ready from Flickr.
