UPDATE: Goldman Sachs Upgrades Pinterest Inc (PINS) to Buy

October 5, 2022 6:37 PM EDT
Get Alerts PINS Hot Sheet
Price: $24.99 -0.16%

Rating Summary:
    17 Buy, 20 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 5 | New: 0
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(Updated - October 6, 2022 5:50 AM EDT)

Goldman Sachs analyst Eric Sheridan upgraded Pinterest Inc (NYSE: PINS) from Neutral to Buy with a price target of $31.00 (from $24.00).

The analyst commented, "Alongside our companion digital advertising earnings preview and as a result of our industry channel check work, we upgrade PINS to Buy (from Neutral) and increase our PT from $24 to $31 as we see a more positive risk/reward skew at current levels. While the digital advertising landscape remains mired in uncertain times, we see improved user growth/engagement trends in the short/medium term and the potential for upside to revenue growth trajectory and operating margin estimates as we move into 2023/2024. Our recent work has given us increased confidence in Pinterest's ability to grow monetization and capture a greater share of ad budgets as management executes against its shopping/commerce opportunity and, over the long-term, we see Pinterest as positively levered to a number of long-term secular growth themes (engagement & ad spend shifting online, social commerce, creator economy, etc.). In terms of risk factors, the current advertising landscape (and its link to the broader macro environment) remains a potential volatile dynamic in the coming quarters away from management's idiosyncratic efforts with respect to platform evolution."

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 $24.90 yesterday.

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