Analyst: Pinterest Stock Has Plenty of Upside

There's room for a shift in sentiment amongst covering brokerages

Deputy Editor
Jun 28, 2023 at 8:45 AM
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Pinterest Inc (NYSE:PINS) are 4.6% higher in premarket trading, after Wells Fargo upgraded the social media platform's shares. The analyst adjusted its rating on PINS to "overweight" from "equal weight" and upped its price target to $34 from $23. In its bull note, Wells Fargo said its anticipating positive movement from a partnership with Amazon.com (AMZN), outsourcing of monetization to third-parties, and improved engagement. 

Coming into today, just seven of 20 covering brokerages rated PINS a "strong buy," while the other 13 recommended a "hold" or worse, leaving the security open to additional upgrades. Meanwhile, the 24.45 million shares sold short account for 4.2% of Pinterest stock's available float. 

The equity could benefit from a shift in the options pits, too. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Pinterest stock's 10-day call/put volume ratio ranks higher than 73% of readings from the past year.

Should today's premarket gains hold, PINS will move to levels not seen since late April and overcome its slim quarterly deficit. The equity looks to potentially be reclaiming support from its 80-day moving average, pushing it to a 27.4% year-over-year lead.

 

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