Pinterest (PINS) 'Well-Positioned into Year-End' - KeyBanc

KeyBanc Capital Markets said Monday that data from its 3Q22 Consumer Survey showed Pinterest (NYSE: PINS) returned to growth.

Analyst Justin Patterson, who has an Overweight rating and $28 price target on Pinterest, stated the firm views Pinterest's growth as an encouraging sign ahead of the holiday season and sees it as "well positioned into year-end."

The survey revealed that Pinterest and TikTok were the only services with engagement up year-over-year, "setting a high watermark on a 5-quarter basis."

"Pinterest appears moderately better ahead of holiday shopping season - We suspect there is some element of seasonal events (e.g., back-to-school, weddings, etc.). Nevertheless, we are encouraged to see Pinterest set a 5-quarter engagement high and return to q/q growth," wrote Patterson.

"We remain encouraged around positioning and improving execution story. While we acknowledge the macro environment remains cloudy, Pinterest has several factors in its favor: 1) heavy U.S. exposure; 2) heavy
retail, e-commerce, and CPG exposure; and 3) larger merchant exposure. Coupled with a holiday marketing campaign (positive for user growth) and optionality to dial back creator pins (a MSD% revenue headwind for ~4 quarters), we view Pinterest as having a solid near term."

By Sam Boughedda

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