Pinterest resumed with an Outperform at Raymond James

Raymond James resumed coverage of Pinterest (PINS) with an Outperform rating and $45 price target. The company has efficiently transitioned from CPU to GPU recommendation infrastructure, leveraging Nvidia’s (NVDA) CUDA ecosystem to transition from sequential to parallel processing, increasing its compute capacity by 100x with no discernable infrastructure cost headwinds, the analyst tells investors in a research note. This was an “impressive feat” that likely benefited from a broad AI talent footprint and should set the company on a trajectory to meet, if not exceed, long-term EBITDA targets in the low-30s, the firm added.