PINS - Pinterest's Early Innings: 2021 Top Pick

• This write-up is meant to be an analytical long-term overview of the trajectory of PINS. While the stock has been a huge winner, we're still in the early innings.
• I believe that Wall Street is fundamentally under-appreciating the potential of this platform and the value it could provide for advertisers long term. The Street high target is only $90.
• PINS represents a mesh of Facebook, Google, and Amazon all in one. Combing search, social, and commerce together creates what (could be) the greatest value propositions in all of advertising.
• The Shopify partnership could be a game changer, granting PINS access to the largest and most important demographic of advertisers: small businesses.
• Reiterating Buy rating, raising PT from $97 to $99. PINS is my 2021 Top Pick.

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