Brian White, an analyst from Monness, maintained the Buy rating on Pinterest (PINS – Research Report). The associated price target was lowered to $40.00.
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Brian White has given his Buy rating due to a combination of factors including Pinterest’s strong execution in a challenging digital advertising market. The company reported better-than-expected first-quarter revenue, showing a 16% year-over-year growth, which surpassed both the firm’s and the market’s expectations. Additionally, Pinterest’s monthly active users increased by 10%, aligning with the firm’s estimates and exceeding market expectations, which indicates a growing user base.
Moreover, the company has made significant strides in enhancing its platform for advertisers, improving user experience, and expanding its shopping capabilities. Despite a competitive landscape and economic uncertainties affecting digital ad spending, Pinterest has shown resilience and adaptability. The upbeat tone of the company’s recent earnings call, coupled with positive feedback on new advertising initiatives like Performance+ ROAS bidding, further supports the Buy rating.
In another report released today, Oppenheimer also maintained a Buy rating on the stock with a $40.00 price target.
Based on the recent corporate insider activity of 81 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.
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