The image-sharing platform Pinterest (NYSE:PINS) is making every effort to improve its performance. The company is adding new features to its collage-making app and consolidating its office space. These initiatives along with a recent rating upgrade from UBS analyst Lloyd Walmsley highlight the company’s potential for growth. Interestingly, the stock has advanced 22.6% so far this year and should continue to rise in the coming months.
The company plans to add shopping features to Shuffles, its collage-making app. Users will then be able to get information such as brand, price, and other details, along with similar products to shop for, by tapping on individual collage cutouts.
Meanwhile, Pinterest targets reducing costs by ending the leases on some office spaces. It expects to incur restructuring charges between $100 million and $125 million. This is in addition to the 4% workforce reduction plan the company announced in February.
Finally, UBS analyst Lloyd Walmsley upgraded PINS stock’s rating to Buy from Hold. The analyst is optimistic about the company’s execution and believes that Pinterest’s partnerships in the ad tech sector should expand the company’s revenues going forward.
Is PINS a Good Buy?
Overall, Wall Street is cautiously optimistic about PINS stock. With seven Buy and 15 Hold ratings, analyst consensus considers the stock a Moderate Buy. Further, the average price target of $28.25 implies 0.6% upside potential.
Additionally, PINS has a Smart Score of nine, indicating the stock is likely to outperform the market.
