Pinterest price target raised to $24 from $21 at DA Davidson

DA Davidson analyst Tom Forte raised the firm’s price target on Pinterest to $24 from $21 and keeps a Neutral rating on the shares. The analyst is updating the firm’s model with an unchanged EBITDA margin forecast of 25.0% compared to 15.8% reported in 2022 while also rolling out its estimates by a year and citing a decrease in the discount rate. DA Davidson still notes that Pinterest’s Q4 was "weak" amid a challenging digital advertising market, and its Q1 outlook was consistent with trends experienced by others in the digital advertising market.