Wedbush raised the firm’s price target on Pinterest (PINS) to $40 from $38 and keeps an Outperform rating on the shares. The firm notes Pinterest reported strong Q1 results ahead of its estimates and consensus for both revenue and adjusted EBITDA. Importantly, while Pinterest has observed some pullback in spend from APAC-based retailers in regard to changes to the de minimis exemption in the U.S., these advertisers have broadly reallocated budgets to other regions, Wedbush adds.
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