BofA raised the firm’s price target on Pinterest (PINS) to $28 from $19 and keeps a Neutral rating on the shares. Q1 ended better than it started and the high end of the Q2 revenue outlook suggests stable ex-FX growth at around 15%, the analyst tells investors. Following the report, the firm is raising its revenue view by 4% to $4.9B and EBITDA forecast by 3% to $1.4B. Results suggest Pinterest has stabilized sales execution, with some potential durable improvements in ad growth, but the firm continues to prefer others in the sector, the analyst added.
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