Pinterest (PINS) shares slid Monday after analysts at Jefferies downgraded the social media company over advertising revenue concerns.

The firm dropped its rating for Pinterest to “hold” from “buy” and its price target to $32 from $40. The consensus price target from analysts tracked by Visible Alpha is roughly $39. Shares of 澳洲幸运5官方开奖结果体彩网:Pinterest fell more than 1% in recent trading, and are down roughly 18% ꧑over the past 12 months.

Pinterest is "struggling to move beyond experimental” advertiser spending into “always on” ad buys, Jefferies said. It’s also likely “too early” for Pinterest’s new Performance+ artificial intelligence advertiser tools to generate the mid-teens revenue growth called for by Wall Street in the first quarter, analysts added.

Jefferies projects 10% growth, compar൩ed to the consen💮sus of 13% from Visible Alpha.

Pinterest CEO Bill Ready said the company’s “AI investments are driving results,” with lower-funnel ad tools like direct links being the fastest-growing piece when the company reported 澳洲幸运5官方开奖结果体彩网:third-quarter results in November. The company saw 18% revenue growth in the period, which missed analysts’ expectations.