What happened

Shares of Pinterest (PINS 1.02%), the social media company that encourages users to post images of their interests such as recipes, clothing, and interior design, got its shares remodeled 2% lower on Wednesday, as of 11 a.m. ET.

The stock appears to be falling in part due to its announcement that the CEO is stepping down -- and in part due to Wall Street's apparent reaction to this news.

So what

Last night, Pinterest announced that its co-founder and current CEO Ben Silbermann is "transitioning" to the new role of "executive chairman" of the company -- and leaving his post as CEO. Pinterest will replace Silbermann with new CEO Bill Ready, a poach from Google, where he served for two years as president of Commerce, Payments & Next Billion Users. Prior to working for Google, Ready had served as chief operating officer at PayPal, and as chief executive officer of Braintree and Venmo.  

That's quite a resume, and you might think Pinterest investors would be pleased with the change -- especially with the stock down 75% over the past year, and the company arguably in need of a shakeup. And in fact, Pinterest stock did enjoy a brief pop early this morning, but the enthusiasm faded, and the stock is down for the day.

You can probably blame investment bank JPMorgan for that, though. This morning, the banker cut its price target on Pinterest 19% to $26.

Now what

I wouldn't worry too much about that cut, however.

Appearances notwithstanding, JPMorgan didn't focus its ire on Pinterest in particular, but rather cut Pinterest's target alongside 25 other tech stocks. (The analyst, you see, is worried that higher interest rates, combined with lower consumer confidence and less consumer spending, will slow the economy and depress corporate profits more or less across the board this year). Pinterest, however, while not immune to this macroeconomic situation, has a lot of pessimism already priced into its stock. Valued at less than 20x current-year predicted free cash flow -- and with FCF forecast to more than double over the next four years -- Pinterest looks to me like a beat-up bargain stock.  

And with a new CEO just arrived to lead the company, I'm thinking right now looks like a pretty fine time to buy some Pinterest shares.