Analyst John Blackledge of TD Cowen maintained a Buy rating on Pinterest, boosting the price target to $44.00.
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John Blackledge has given his Buy rating due to a combination of factors including Pinterest’s strong financial performance and growth prospects. The company’s revenue for the second quarter exceeded expectations, showing a significant year-over-year increase, which was driven by robust growth in monthly active users (MAUs) and average revenue per user (ARPU). Additionally, the company’s EBITDA also surpassed consensus estimates, supported by higher-than-anticipated revenue and efficient cost management.
Looking ahead, Pinterest’s guidance for the third quarter suggests continued revenue growth, with expectations slightly above consensus. The company’s strategic investments in growth, particularly in research and development, are anticipated to contribute to margin expansion in the latter half of the year. These positive financial indicators and strategic initiatives underpin Blackledge’s confidence in Pinterest’s potential, justifying the Buy rating and an increased price target.
In another report released on August 5, Monness also maintained a Buy rating on the stock with a $40.00 price target.
Based on the recent corporate insider activity of 93 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PINS in relation to earlier this year.