Pinterest Stock ( NYSE:PINS )
The Pinterest stock surged today after an analyst assigned a buy rating to the company’s stock. Pinterest ( NYSE:PINS ) is a platform for sharing images online.
The news was quickly picked up by investors, who sent the shares of the social media company soaring 3.6% as of 10:48 a.m. Eastern Time.
What’s the Reason?
Eric Sheridan, an analyst at Goldman Sachs, awarded Pinterest stock an upgrade, moving it from a neutral recommendation to a buy rating. He increased his price objective for the company from $24 to $31.
Even though the online advertising business is “marred in uncertain times,” Sheridan is still optimistic about the Pinterest stock because it is “positively levered to a variety of long-term secular growth trends” (such as the increasing importance of online interaction and advertising, the rise of social commerce, the rise of the creator economy, and so on).
The analyst believes that Pinterest ( NYSE:PINS ) can capitalize on several opportunities that could increase the company’s average revenue per user. These opportunities include the company’s ability to increase its international monetization and the amount of advertising revenue generated by the “catalog pins” feature.
This upbeat outlook from Sheridan comes just a few days after an analyst at Piper Sandler named Thomas Champion increased the price objective for Pinterest’s stock to $23, up slightly from $22, while maintaining a neutral rating on the company’s stock.
What?...
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