Pinterest Inc (PINS) International Expansion and Alexa Data Imply Guidance is Conservative - Guggenheim
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Guggenheim analyst Michael Morris reiterated a Buy rating and $95.00 price target on Pinterest Inc (NYSE: PINS) noting that the company is well-positioned for significant financial growth in 2021 given continued high consumer engagement, improved advertiser tools and global expansion. First-quarter guidance reflected the potential for slower user growth and engagement given an anticipated loosening of stay-at-home behaviors. However, data from Amazon’s Alexa Rank, indicates Pinterest showed further engagement momentum during 1Q.
The analyst stated "App Annie data shows Pinterest’s MAU rankings in existing regions including France, Germany, Turkey, and the UK reaching the top five list in 2020 – which we view as a clear positive for user trends, particularly if platform retention remains strong. In Brazil and Mexico, as well as Japan and South Korea, Pinterest also ranks within the top five social apps, which we think presents a positive setup for incremental, newer-region monetization. Note that Pinterest has launched in Latin America beginning with Brazil and plans to expand further within the region throughout 2021".
Shares of Pinterest Inc closed at $83.42 yesterday.
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