PATH - Pinterest (PINS) Stock Pops on Wolfe Research Upgrade
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Pinterest (NYSE:PINS) stock is rising higher on Wednesday after getting an upgrade from Wolfe Research analyst Deepak Mathivanan.
That upgrade boosts PINS stock from its prior “peer perform” rating to a new “outperform” rating. That’s bullish next to analysts’ consensus rating of “hold” for the shares. That comes from eight “buy” ratings and 16 “hold” ratings.
Alongside the upgrade for PINS stock comes a price target of $28 per share. That represents a nearly 27% upside for the stock compared to its closing price on Tuesday. However, it’s slightly below analysts’ consensus rating of $29.08 per share.
Why The Bullish Stance on PINS Stock?
Mathivanan argues that Pinterest has the potential to grow over the next 12 months to 18 months. The Wolfe Research analyst cites new CEO Bill Ready as one of the reasons the company could experience growth, but there’s more to it than that.
Here’s a portion of what Mathivanan said in a note obtained by CBNC.
“We also see M&A with a strategic as a potential outcome for shares, should execution lag over next several quarters, given the activist involvement. Overall, we think risk/reward skews positively at current levels.”
PINS stock isn’t seeing the most activity today with around 6 million shares on the move. That’s a ways off from its daily average trading volume of 15.8 million shares.
PINS stock is up 5% as of Wednesday morning but is down 36.8% since the start of the year.
Investors looking for more of the latest stock market news are in the right place!
We’ve got all of the hottest stock news to get traders through Wednesday! Among that is what has Coupa Software (NASDAQ:COUP), UiPath (NYSE:PATH), and CF Acquisition Corporation VI (NYSE:CFVI) stock in the news today. You can read up on all of that at the links below!
More Wednesday Stock Market News
- Coupa (COUP) Stock Gains 10% on Strong Earnings, Stock Buyback
- Why Is UiPath (PATH) Stock Plunging Today?
- Dear CFVI Stock Fans, Mark Your Calendars for Sept. 15
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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