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Pinterest (PINS) Stock Pops 5% on Goldman Sachs Upgrade

  • Pinterest (PINS) is trending today after Goldman Sachs upgraded the stock and issued an optimistic price target.
  • Goldman envisions Pinterest capturing ad monetization opportunities.
  • PINS stock caught a bid during a shaky morning in the market.
Smart phone with the Pinterest (PINS) logo in front of blurred out pinterest post pictures
Source: DANIEL CONSTANTE / Shutterstock

Social media platform Pinterest (NYSE:PINS) is getting attention today due to an upgrade and price target boost from Goldman Sachs. Even though stocks were moderately in the red this morning, it’s still a good day to own PINS stock as it’s staying bright green with all the buying activity.

Pinterest is a unique platform in which pictures are shared among users with common interests. The company isn’t necessarily trying to be the world’s most popular social media business. Rather, it’s a big fish in a relatively small pond — a niche giant, if you will.

With the Covid-19 catalyst far in the rearview mirror, however, it has been challenging for Pinterest to monetize its loyal user base. However, Goldman Sachs analysts seem to envision a turnaround tale in the making here.

Speaking for the firm, analyst Eric Sheridan upgraded PINS stock from “neutral” to “buy.” Sheridan also raised his price target on shares from $24 to $31.

What’s Happening with PINS Stock?

PINS stock jumped out of the gate today with a gain of around 5%. However, other stocks are generally falling into the red. This seems to have dragged the Pinterest share price down somewhat.

Still, Pinterest investors are doing comparatively well today. This could actually be part of an ongoing turnaround story, as the shares have trended upward since July.

So, what do Sheridan and his colleagues see in PINS? Apparently, they appreciate the company’s ability to monetize and to “capture a greater share of ad budgets as management executes against its shopping/commerce opportunity.”

Along with that, Goldman is optimistic about long-term trends such as social commerce and the “creator economy.” If their predictions are correct, Pinterest should be “positively levered” to these themes.

Of course, Pinterest will continue to face the macroeconomic challenges inhibiting technology businesses generally. Still, for today at least, PINS stock appears to be up even while other stocks are falling.

On the date of publication, David Moadel did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

David Moadel has provided compelling content – and crossed the occasional line – on behalf of Motley Fool, Crush the Street, Market Realist, TalkMarkets, TipRanks, Benzinga, and (of course) InvestorPlace.com. He also serves as the chief analyst and market researcher for Portfolio Wealth Global and hosts the popular financial YouTube channel Looking at the Markets.


Article printed from InvestorPlace Media, https://investorplace.com/2022/10/pinterest-pins-stock-pops-5-on-goldman-sachs-upgrade/.

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