Pinterest (NYSE:PINS) stock is on the move Thursday after a new price prediction gave investors in the social media company hope.
That price target comes from Raymond James analyst Aaron Kessler. Specifically, the firm and analyst expect PINS stock to reach $33 per share. This marks a potential upside of about 20% from the stock’s closing price on Wednesday. For comparison, the analyst consensus price target for PINS stock is $28.73 per share.
To go along with that price target, Kessler initiated coverage of PINS stock with an “outperform” rating. That’s bullish compared to the consensus rating of “hold” based on 20 analysts’ opinions.
What’s Behind the Bull Rating for PINS Stock?
The Raymond James analyst said the following about PINS stock in a note to clients obtained by CNBC:
“Pinterest’s unique visual discovery platform and high-intent user base provides an attractive platform for advertisers, [and] we expect steady user growth going forward and increasing engagement metrics driven by international and increasing personalization […] We expect double-digit long-term revenue growth driven by continued product improvements for both Pinners and advertisers, increasing focus on Shopping/eCommerce, video, and international.”
Pinterest is a social media company that focuses on image sharing via its platform. While not its focus, the site also supports video.
PINS stock is down slightly as of Thursday morning but up 19.4% since the start of the year.
Investors looking for more of the latest stock market news will want to keep reading!
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On the date of publication, William White 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.
