Pinterest Inc (PINS) PT Raised to $46 at Wedbush

Wedbush analyst Scott Devitt raised the price target on Pinterest Inc (NYSE: PINS) to $46.00 (from $44.00) while maintaining a Neutral rating.

The analyst commented, "Our survey results are incrementally positive for Pinterest for 2Q and for spending intent for the full year. We highlight that in 2Q, the percentage of respondents advertising on Pinterest increased, and importantly, a stronger concentration of advertisers (22%) increased spend on the platform by +20% Y/Y, versus 8% who indicated the same last quarter. We think results suggest Pinterest's U.S. revenue growth may have accelerated in 2Q and could suggest potential upside to estimates. Spending intent for the full year improved, with over 88% of advertisers planning to increase spend, and specifically, 55% plan to raise Pinterest ad budgets by over 10%."

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