PINS and SNAP were both upgraded today
Pinterest Inc (NYSE:PINS) and Snap Inc (NYSE:SNAP) both hit 2023 peaks today, following analyst bull notes. RBC upgraded PINS to "outperform" from "sector perform," and raised its price target to a street-high of $46 from $32, while Wells Fargo upgraded SNAP to "overweight" from "equal weight," and lifted its price objective to $22 from $8. Plus, BofA Global Research chimed in on both stocks today, upping PINS' price target to $42, and SNAP's to $16.
PINS is trading at its highest levels since December of 2021, up 1.1% at $35.37 at last glance, and earlier as high as $35.92. The stock is fresh off a sixth-straight weekly win, with support at its 20-day moving average. Since the start of the year, Pinterest stock is up 46%.
Snap stock also secured its sixth-straight weekly win last session, up 38.5% in just the last month, and sporting a roughly 75% year-to-date lead. Today, the security is up 3.5% at $15.63, with close support at its 10-day moving average and earlier touching $15.90.
It's also worth noting that both stocks have some short covering potential still. Short interest represents 5.9% of Snap stock's available float, and 6.2% of PINS' available float.