Pinterest price target raised to $23 from $17 at RBC Capital

RBC Capital raised the firm’s price target on Pinterest (PINS) to $23 from $17 and keeps a Sector Perform rating on the shares. The company reported a better-than-feared Q1 result, with prior headwinds from large customers having partly eased late in the quarter due to conversion improvements, the analyst tells investors in a research note. RBC adds, however, that it still needs more confidence in AI driving structural improvements to content recommendation and conversion enabling acceleration before turning more constructive on the stock.