Pinterest Stock Outlook: Raymond James Sees Upside to $33

Invezz2023-04-10

Raymond James initiates Pinterest Inc with an outperform rating.Analyst Aaron Kessler sees upside in "PINS" to $33 a share.Pinterest stock is already up about 25% versus the start of 2023.Pinterest ...

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blessed_1
2023-04-10
blessed_1
Thanks

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His $33 price target suggests another 20% upside from here.The analyst is bullish on Pinterest stock primarily because he expects the company to steadily grow over the long term. His research note reads:Pinterest’s unique visual discovery platform and high-intent user base provides an attractive platform for advertisers, [and] we expect steady user growth going forward and increasing engagement metrics.In February, the image sharing platform reported better-than-expected earnings for its fiscal fourth quarter as Invezz reported HERE. Revenue, however, came in shy of estimates.Pinterest can navigate the advertising headwindsPinterest Inc relatively less exposed to the ad privacy headwinds as well. Put together with its high-intent userbase, Kessler expects it to outperform in the midst of a macro slowdown.With revenue growth, the Raymond James analyst is confident that Pinterest could nearly double its margins from 16% in 2022 to over 30%. He added:We expect double-digit long-term revenue growth driven by continued product improvements for both Pinner and advertisers, increasing focus on shopping/eCommerce, video, and international.Pinterest stock could also benefit from the company’s commitment to turning leaner and cutting costs. 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