Social media platform Pinterest (NYSE: PINS) got a boost on Tuesday after receiving an analyst upgrade. The stock was up in morning trading on Tuesday after Piper Sandler analyst Thomas Champion upgraded the stock to a Buy from a Hold and also raised the price target to $30 from $25 earlier.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
The analyst’s price target implies an upside potential of 15.7% at current levels.
Champion also cited “multiple headwinds” to the stock heading into 2023 including rising strength in advertising and an uptick in monthly active users (MAUs). The social media giant added 3 million MAUs in Q3 in the U.S. and Canada after five straight quarters of a decline in MAUs.
Summing it up, Champion concluded, “We like the new leadership, investor activism, and we see a buyback coming. The lows are likely already in.”
PINS stock scores a Moderate Buy consensus rating from analysts based on five Buys and 14 Holds.