Wells Fargo Rates Pinterest Inc (PINS) Overweight, 'price target is nominally based on 25x '24 EBITDA'
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Wells Fargo analyst Ken Gawrelski upgraded Pinterest Inc (NYSE: PINS) from Equal Weight to Overweight with a price target of $34.00 (from $23.00).
The analyst comments "We rate PINS Overweight. We believe Pinterest is making the optimal strategic move to outsource monetization to third-parties to overcome its attribution and scale challenges. This includes an announced partnership with Amazon, now expected to be live in time for the 2023 holiday season, and future expected partnerships with other scaled retail media networks. This should allow Pinterest to focus its resources on growing engagement and improving overall user experience. Outsourced monetization coupled with early signs of progress on improved engagement and ad load should drive a materially stronger revenue and margin outlook for the company."
Shares of Pinterest Inc closed at $26.40 yesterday.
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