Pinterest price target raised to $35 from $32 at Wedbush

Wedbush raised the firm’s price target on Pinterest (PINS) to $35 from $32 to reflect the latest views heading into 2024, while keeping a Neutral rating on the shares. Pinterest has outlined a path to deeper monetization, and the firm is encouraged by the product roadmap that management has undertaken with new tools to improve attribution and targeting on the platform. Additionally, Pinterest’s partnership with Amazon (AMZN) will bring advertiser density to the platform and should contribute to ARPU growth in the coming quarters. Despite near-term monetization tailwinds, rising ad load may lead to disruptions in user engagement, which could limit ARPU upside over time, Wedbush argues.