UPDATE: Goldman Sachs Upgrades Pinterest Inc (PINS) to Buy
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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."
Shares of Pinterest Inc closed at $24.90 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Hot Comments, Hot Upgrades, Upgrades
Related EntitiesGoldman Sachs, Earnings
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