Pinterest Inc (PINS) PT Raised to $84 at BofA Securities Ahead of Earnings

July 27, 2021 9:15 AM EDT
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Price: $54.20 +0.33%

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BofA Securities analyst Justin Post raised the price target on Pinterest Inc (NYSE: PINS) to $84.00 (from $78.00) ahead of earnings on 7/29.

The analyst maintained a Neutral rating on engagement headwinds but is positive on the story, stating "We think Pinterest’s 2Q guidance likely included some added reopening/IDFA conservatism, and with Snap and Twitter advertising growth accelerating above expectations (recovery in brand advertising), we expect upside to street at $562mn (up 106% y/y, representing 28pts q/q acceleration in growth on a 31pt easier comp.). Biggest driver of upside in quarter could be US ARPU growth (we est. 80% y/y) aided by strong demand & dynamic ad expansion. We are above street for EBITDA and adjusted EPS. Slowing engagement remains a risk (that likely limited Twitter’s reaction to positive results), and with Sensor Tower data suggesting a decrease in y/y time spent, we expect slowing MAU growth with 8mn MAU adds q/q in 2Q (up 17% y/y) vs 19mn in 1Q’21, and US MAU’s declining 1mn q/q to 97mn".

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