Pinterest (PINS, Buy, $50 target) First Take: A little soft, but P+ and 3P building into 2025
What’s New: In this first take following tonight’s results, we touch on:1. Solid 3Q24 financials, but 4Q24 revenue guidance a little light
2. Latest on Performance+: can it drive re-acceleration next year?
3. CAPI leads the way on lower funnel tools
4. No updates on 3P partnerships, but PINS ready to add more of them
5. Weak brand spend still driven by food & beverage
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