Pinterest, Inc. (PINS) stock experienced a significant pre-market plunge of 5.42% on Thursday, following a downward revision of its target price by RBC Capital Markets. The sharp decline comes as investors react to the lowered expectations for the social media platform's stock performance.

RBC Capital Markets, a prominent financial institution, cut Pinterest's target price from $50 to $45. This reduction represents a 10% decrease in the expected value of the company's shares. The adjustment in the target price suggests that analysts at RBC have become more cautious about Pinterest's near-term growth prospects or valuation.

The pre-market plunge indicates that investors are recalibrating their expectations for Pinterest based on this new analysis. It's worth noting that Pinterest was not the only tech company affected by RBC's revisions. Other major players in the tech sector, including Alphabet, Amazon, and Meta, also saw their target prices cut by RBC on the same day, suggesting a broader reassessment of the tech industry's valuation.