PINS stock was trading at $25.83+1.20 as of 11:06 AM EDT.
PINS stock (NYSE:PINS) increased on Thursday after Goldman Sachs upgraded the social network, citing a “more favourable” tilt in the risk-reward ratio at present prices.
Analyst Eric Sheridan upgraded Pinterest stock (NYSE:PINS) from neutral to buy and increased his price target from $24 to $31, adding that the firm has had better user growth and engagement patterns in the near and medium term, with the possibility of revenue and operating margin growth in 2023 and 2024.
As management takes advantage of the shopping/commerce opportunity, “our recent work has given us increased confidence in Pinterest’s ability to grow monetization and capture a greater share of ad budgets,” Sheridan wrote in a note to clients. “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.). Early trading saw a gain of about 4% for PINS stock to $25.57.
Sheridan also mentioned Pinterest’s (NYSE:PINS) prospects for commerce and shopping, which might aid the Bill Ready-led business in expanding its monetization and snagging a bigger slice of advertising spending.
PINS stock analyzed
Investors have been paying close attention to Pinterest’s (PINS) monthly active user base as it has been mired in mud for several quarters, closing the second quarter with 433 million worldwide, down from 454 million in the second quarter of 2021. Sheridan pointed out that the company’s MAUs look to indicate “some stabilization and slight re-acceleration in [third-quarter],” particularly in the U.S., Canada, and the rest of the world, citing third-party statistics from Sensor Tower.
Although the company’s management efforts to evolve the platform may be hampered by the current “volatile” advertising landscape, Sheridan continued, there are still longer-term opportunities.
Investment company Wolfe Research upgraded Pinterest (NYSE:PINS) this month, stating that it had a “large runway” for long-term user and revenue development.
Most analysts are optimistic about Pinterest (NYSE:PINS). Wall Street analysts grade it a BUY, and contributors of Seeking Alpha give it a BUY rating. In contrast, PINS is rated as a HOLD by Seeking Alpha’s quantitative approach, which consistently outperforms the market.
Pinterest’s Stock Drops As Activist Elliott Suggests The Firm Be Sold
Featured Image – Megapixl © Micheleursi
Author Jowi Kwasu 
