HSBC Starts Pinterest Inc (PINS) at Buy, 'Social commerce push showing promise'

HSBC analyst Mohammed Khallouf initiates coverage on Pinterest Inc (NYSE: PINS) with a Buy rating and a price target of $32.10.

The analyst comments "Pinterest aims to grow the penetration of its shoppable pins to encompass most products and services on the platform. YoY growth in click-through rates and saves of shoppable pins stood at 50% in 23Q2 (up from 35% in 23Q1) while overall revenues were + 6% YoY in first half of 2023, bucking industry wide trends which saw smaller social media firms struggle in this environment. While investors were disappointed that 23Q3 guidance was not raised following Q2 earnings, we think these heightened expectations are indicative that management is doing something right and expect topline growth to accelerate going forward."

For an analyst ratings summary and ratings history on Pinterest Inc click here. For more ratings news on Pinterest Inc click here.

Shares of Pinterest Inc closed at $26.06 yesterday.

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