JPMorgan Upgrades Pinterest Inc (PINS) to Overweight

JPMorgan analyst Doug Anmuth upgraded Pinterest Inc (NYSE: PINS) from Neutral to Overweight with a price target of $40.00 (from $35.00).

The analyst comments: "We’re upgrading Pinterest to Overweight & raising our PT to $40. While PINS shares have outperformed YTD at +10% vs. the SPX +1%, they remain down -18% from the February market highs compared to the SPX more fully recovered at -3%. We believe PINS has made solid progress across its 2023 Investor Day priorities to: 1) grow users & deepen engagement; 2) improve monetization/ARPU (mid-high teens revenue CAGR); & 3) drive profitable growth (30-34% adj. EBITDA margin target). Importantly, we believe PINS is leveraging its full funnel ad approach and automation/AI capabilities — including Performance+ — to capture a greater share of ad spending among the next tranche of advertisers ($1B-$30B in sales), while some of the larger & more sophisticated advertisers already allocate 5-10% of their budgets to PINS."

For an analyst ratings summary and ratings history on Pinterest Inc click here. For more ratings news on Pinterest Inc click here.

Shares of Pinterest Inc closed at $31.91 yesterday.

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