Analysts Target Pinterest Stock After Revenue Comments

The company's board also approved a stock buyback program

Deputy Editor
Sep 20, 2023 at 9:09 AM
facebook X logo linkedin


Shares of Pinterest Inc (NYSE:PINS) are 4.6% higher in premarket trading, after the image sharing company shared a positive revenue update.

Pinterest said at its first investor day that revenue growth should accelerate after slowing down in 2022 and 2023. What's more, the company's board approved a stock buyback program of up to $1 billion of common stock. 

Analysts were quick to respond to Pinterest's comments. D.A. Davidson and Citigroup both upgraded PINS to "buy," with raised price targets of $35 and $36, respectively. And while Wells Fargo cut its price target by $1 to $35, Rosenblatt and J.P. Morgan Securities both hiked their price objectives.

There's room for additional upgrades to roll in, too. Coming into today,10 of 21 covering brokerages rated Pinterest stock a "strong buy," with no "sell" recommendations on the books.

An unwinding of options traders' pessimism could add even more tailwinds. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Pinterest stock's 50-day put/call volume ratio ranks higher than 88% of readings from the past year. Echoing this, the security's Schaeffer's put/call open interest ratio (SOIR) of 0.84 ranks in the highest annual percentile.

Should today's premarket gains hold, PINS will reclaim support from its 40-day moving average. It could also add to a relatively slim 8% year-to-date lead.

 

*SPONSORED CONTENT*

How to collect 1 dividend check every day for LIFE

Did you know you could collect 1 dividend check every day the market is open? You could also do it starting with just $605! For me, I'm collecting 70 dividend checks every quarter…which averages around 1.1 dividend checks every business day. There's no trading behind this... no penny stocks or high-risk investments. All you do is buy and hold and you're set. There's no set up required either. If you start buying the dividend stocks I show you today... you could collect 1 dividend per day starting as early as this week. Click here for all the details.

*SPONSORED CONTENT*