Piper Sandler analyst Thomas Champion upgraded Pinterest to Overweight from Neutral with a price target of $30, up from $25. The analyst sees "multiple tailwinds" for the company into 2023 after his advertising buyer survey pointed to an improved ad product and rising market rising. The data points to better monthly active user trends for Pinterest, says Champion, who also sees a path to margin expansion ahead. "We like the new leadership, investor activism, and we see a buyback coming," Champion writes. He believes the lows are likely already in the shares.
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