Pinterest price target raised to $32 from $28 at KeyBanc

KeyBanc analyst Justin Patterson raised the firm’s price target on Pinterest to $32 from $28 and keeps an Overweight rating on the shares. Similar to its mega-cap peers, Pinterest is hyper-focused on expense efficiency. The firm believes this will translate to at least 800 bps year-over-year improvement in the second half of 2023 EBITDA margin, with potential for faster growth if revenue recovers faster. With gross margin expansion a key driver of this improvement, KeyBanc thinks Pinterest screens as having one of the more compelling incremental margin profiles in its coverage universe.