Pinterest (NYSE:PINS) stock is on the move Monday as investors react to an upgrade from Stifel analyst Mark Kelley.
That upgrade has the Stifel analyst bumping shares of PINS stock up from a “hold” rating to a “buy” rating. To put that in perspective, the analyst consensus rating for PINS shares is a moderate buy based on 25 opinions.
In addition to that upgrade, Kelley boosted the firm’s price target for PINS stock from $27 per share to $32. That represents a potential upside of about 23% over Pinterest’s prior closing price. It’s also above the analyst consensus price prediction of $31.71 per share.
What’s Behind the PINS Stock Upgrade?
The Stifel analyst has high hopes for PINS shares based on recent advertising checks. Reports are coming in more positive with the analyst believing growth is in-line with or above internal plans at Pinterest.
Adding to this is the belief that as many as 40% to 45% of Pinterest users are in a region without advertising. That means the company could see a major increase in its advertising revenue by reaching these users.
PINS stock is up 1.9% as of Monday morning with some 4 million shares on the move. For the record, its daily average trading volume is about 10 million shares.
There’s even more stock market news that traders are going to want to learn about below!
We’re offering up insight into all of the biggest stock market stories worth reading about on Monday. A few examples include what’s happening with shares of Roivant Sciences (NASDAQ:ROIV), Okta (NASDAQ:OKTA) and Chevron (NYSE:CVX) stock today. You can catch up on this news by checking out the following links!
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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.
