KeyBanc raised the firm’s price target on Pinterest to $48 from $37 and keeps an Overweight rating on the shares. The firm expects Pinterest to report a solid Q4 and guide to 15%-17% year-over-year revenue growth. KeyBanc’s view reflects a solid ad market for retail/e-commerce and CPG, as well as product innovation and partnerships. The firm expects these tailwinds to continue into 2024.
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