UPDATE: Pinterest Inc (PINS) PT Raised to $23 at Piper Sandler After Raising MAU Estimates
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Piper Sandler analyst Thomas Champion raised the price target on Pinterest Inc (NYSE: PINS) to $23.00 (from $22.00) while maintaining a Neutral rating after raising MAU estimates following positive ads manager data.
The analyst commented, "PINS US & International MAU trends remained strong again through September, and we raise MAU estimates. See our MAU update from last month (LINK). International improvements are partly due to new countries added to the Ads Manager. While MAU improvements are a positive, we continue to have questions about the core business. New estimates flow through our DCF and our PT moves to $23"
The firm estimates US MAUs of 97MM in September (+4% y/y) improved from 95MM in August and 93MM in July.
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