Stock Track | Pinterest Soars on Bullish Analyst Outlook, Touted Execution and Monetization

Stock Track11-11

Shares of Pinterest, Inc. (PINS) soared as much as 5.11% on November 11, 2024, propelled by a bullish upgrade and favorable outlook from Wedbush Securities. The surge came as Wedbush raised its rating on Pinterest to "Outperform" from "Neutral," setting a $38 price target on the social media platform's stock.

Wedbush analysts cited Pinterest's effective execution against its user engagement and monetization strategies as the primary drivers behind the upgrade. They expressed confidence that the company remains on track to deliver growth and profitability in line with its multi-year guidance framework.

Among the key factors underpinning Wedbush's positive view are Pinterest's partnerships with tech giants like Amazon and Google, the introduction of new ad surfaces and formats, ongoing adoption of lower-funnel advertising tools, and expansion efforts in less-monetized markets through collaborations with resellers.

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