Pinterest price target raised to $46 from $37 at KeyBanc

KeyBanc raised the firm’s price target on Pinterest (PINS) to $46 from $37 and keeps an Overweight rating on the shares. The firm notes Pinterest’s Q4 results and Q1 guidance were stronger than expected, reflecting solid MAU growth and product initiatives gaining traction. KeyBanc acknowledges Pinterest’s volatility in quarterly results throughout 2024 has created subdued sentiment. However, with a more engaged audience and Performance+ creating a multiyear driver, the firm is more confident in 16% annual revenue growth and the path to low- to mid-30% EBITDA margin.