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Pinterest Shifts To A ‘Higher Gear Of Growth’: Analysts Raise Forecasts After Q1 Results

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Pinterest Inc (NYSE:PINS) shares were climbing in early trading on Wednesday after the company reported higher-than-expected results for its first quarter.

The results came amid an exciting earnings season. Here are some key analyst takeaways from the release.

Goldman Sachs On Pinterest

Analyst Eric Sheridan maintained a Buy rating while raising the price target from $41 to $44.

Pinterest reported “very strong” results for the first quarter, with broad-based upside, Sheridan said in a note.

“In many ways, we see this quarterly report as evidence of management progress across its mix of product initiatives (shoppable content, direct response/bottom-funnel ad budgets and partnerships aiding in wider scaled monetization),” the analyst wrote.

He added that the company’s partnerships with Amazon.com Inc (NASDAQ:AMZN) and Alphabet Inc (NASDAQ:GOOGL) (NASDAQ:GOOG) “are contributing revenue momentum, which “should continue to build throughout 2024.”

Roth MKM On Pinterest

Analyst Rohit Kulkarni reaffirmed a Neutral rating while lifting the price target from $38 to $40.

Pinterest reported robust first-quarter earnings and guided to second-quarter revenues ahead of expectations, Kulkarni said. “Mgmt. sounded upbeat about growing traction with bottom-of-funnel direct response ads and …

Full story available on Benzinga.com

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