Wolfe upgrades Pinterest to Outperform on ‘reasonable’ valuation

As previously reported, Wolfe Research upgraded Pinterest (PINS) to Outperform from Peer Perform with a $40 price target Q1 earnings and Q2 guidance gave the firm, which in mid-March had noted the improving fundamentals from its recent performance ads product cycle, further proof points on the fundamental health of the platform, the analyst tells investors. Now that the U.S. and China have struck a trade deal, the firm sees the macro overhang as more muted than before and views the current valuation as “highly reasonable,” the analyst added.