Pinterest (NYSE:PINS) stock is on the rise Wednesday after the social media company’s stock was upgraded by analysts at Wells Fargo.
This upgrade has the Wells Fargo analyst upgrading shares of PINS stock from an “equal weight” rating to an “overweight” rating. For comparison, the analyst consensus rating for PINS is a “hold” rating based on 22 opinions.
To go along with that upgrade, Wells Fargo also increased its price target for PINS from $23 per share to $34. That represents a potential 28.8% upside from its prior closing price. It’s also bullish next to the analyst consensus price target of $28.40 per share.
What’s Behind the PINS Stock Upgrade?
Wells Fargo analysts are bullish on PINS stock due to the company’s partnership with Amazon (NASDAQ:AMZN). They expect this agreement to boost engagement rates on the website while also improving ad revenue.
To go along with that, the analysts believe that the partnership will also result in a step-function increase in revenue for Pinterest. That could result in a strong performance for the company during the holiday season and in the months following.
As far as stock movement goes this morning, PINS shares aren’t seeing much. Only about 170,000 shares have changed hands as of this writing. For the record, the stock’s daily average trading volume is about 11.6 million shares.
PINS stock is up 3.4% as of Wednesday morning and up 15.3% year-to-date (YTD) as of yesterday’s close.
Investors on the lookout for more of the most recent stock market news are in the right place!
InvestorPlace is home to all of the hottest stock market coverage that traders need to know about on Wednesday! Among that is what has shares of FLJ Group (NASDAQ:FLJ), AST SpaceMobile (NASDAQ:ASTS) and iMedia Brands (NASDAQ:IMBI) stock moving today. You can catch up on all of this news at the following links!
More Stock Market News For Wednesday
- Why Is FLJ Group (FLJ) Stock Moving Today?
- Why Is AST SpaceMobile (ASTS) Stock Down 28% Today?
- Why Is iMedia Brands (IMBI) Stock Up 28% Today?
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.
