Pinterest shares slump as growth warning rattles investors

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(Reuters) - Shares of Pinterest Inc fell about 20% before the opening bell on Friday and were set to start trading at more than a three-month low, after the company warned of slowing user growth in the United States, its largest market.
At least eight brokerages cut their price target on the stock, which fell to $57.60 in pre-market trading. If the losses hold, about $9 billion would be swiped off its market capitalization which currently stands at about $36.8 billion.
J.P.Morgan made the most aggressive cut and slashed its target by $27 to $68, pushing it well below the current median price target of $77, citing lower-than-expected user additions in the latest reported quarter and disappointing third-quarter outlook.
The brokerage also cut its rating on the stock to "neutral" from "overweight".
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