Pinterest announced that it has decided to de-monetize pages that lead to election-related content on its platform. The image sharing and social media company stated that it is undertaking the move to curb misleading and false content that could interfere with the 2020 presidential election to be held in November this year.
In a press release on Sept. 3, Pinterest (PINS) said, “we will not monetize elections-related content. That means we won’t show ads when you search for common election-related search terms like presidential or vice-presidential candidate names, “polling place,” and “vote.” We believe that’s a better and more inspiring experience for everyone.”
On September 2, Robert W. Baird analyst Colin Sebastian raised the stock’s price target to $41 (14.1% upside potential) from $35 noting continued strong ad momentum for Pinterest. Citing channel checks, Sebastian revealed that the company has received ad contracts from larger companies through August, including Best Buy, Unilever, The Hershey Company, Levi’s, and The North Face. (See PINS stock analysis on TipRanks).
Currently, the Street has a cautiously optimistic outlook on the stock, with a Moderate Buy analyst consensus. The average price target of $35.76 implies that the shares are almost fully priced at current levels. Shares have gained nearly 93% year-to-date.
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