Citi raised the firm’s price target on Pinterest (PINS) to $48 from $38 and keeps a Buy rating on the shares. While North American Internet names largely outperformed in 2023, including through multiple expansion, the firm sees fundamentals as “better positioned going into 2024 than into 2023” and sees a strong set up for performance in 2024, the firm says in its 2024 Internet outlook note. Momentum in the second half of 2023 across the broader Internet sector, and particularly across Online Advertising, eCommerce, Marketplaces, and Online Travel sub-sectors, can continue, says the firm, which believes the Internet sector is stronger than a year ago with most companies having gone through cost reductions and optimizations. Citi’s top picks in the large cap group for 2024 are Meta (META), Amazon (AMZN) and Uber (UBER).
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