01:03 PM EDT, 07/31/2024 (MT Newswires) -- Pinterest's ( PINS ) guidance for Q3 is overshadowing its strong Q2 results, Wedbush Securities said in a note Wednesday.

Late Tuesday, Pinterest ( PINS ) forecast Q3 revenue of $885 million to $900 million, against the consensus estimate of $909 million.

Wedbush said it is revising its Q3 revenue forecast to $896.6 million from $913 million previously to partly reflect headwind from foreign exchange and softer growth in the food and beverage categories.

"We think investors will continue to debate...the sustainability of growth in H2 and in 2025 against harder comps and...the impact of rising ad loads on user engagement and time spent," said Wedbush analysts, including Scott Devitt.

Wedbush cut its price target on the stock to $37 from $46 while keeping its neutral rating.

Shares of Pinterest ( PINS ) were down more than 12% in recent trading.

Price: 32.63, Change: -4.73, Percent Change: -12.65