** Shares of social media platform Pinterest PINS.N fall nearly 12% to $34.65 in premarket trading
** PINS missed analysts' estimates for second-quarter profit on Thursday, overshadowing robust revenue and user growth
** J.P.Morgan raises PT by $4 to $44 and maintains stance at "overweight"
** Brokerage cites Pinterest’s steady progress in growing users, boosting engagement, and increasing ad load with relevant content
** The platform is diversifying ad formats and tapping new demand sources like Instacart to complement its first-party data, adds JPM
** Co reported adjusted profit per share of 33 cents, below analysts' average estimate of 35 cents, according to data compiled by LSEG
** Stock rated "buy" on average; median PT is $43, per data compiled by LSEG
** Up to Thursday's close, the stock had risen ~35.2% YTD
(Reporting by Akriti Shah in Bengaluru)
((akriti.shah@thomsonreuters.com))
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