Pinterest (NYSE:PINS) stock is on the rise Wednesday after Wedbush analyst Scott Devitt weighed in on the company’s shares following its latest earnings results.
The Wedbush analyst increased his price target for PINS stock from $38 per share to $44 per share. That’s a potential 30% upside compared to its prior close. It’s also above the analyst consensus price prediction of $39.66 per share.
Devitt provided that price increase while maintaining the firm’s “neutral” rating for PINS stock. That’s bearish next to the analyst consensus rating of moderate buy based on 25 opinions.
What’s Behind the Increased PINS Stock Price Target?
Devitt’s new price target for PINS stock comes after the social media company posted strong results for its first quarter of 2024. That includes adjusted EPS of 20 cents that beat out Wall Street’s estimate of 13 cents.
On top of that, Pinterest saw revenue increase 23% year-over-year (YOY) to $740 million. That’s better than the $700 million in revenue that analysts were predicting.
Investors will also note that Pinterest’s revenue per user came in at $1.46. That’s better than the expected $1.40 for the quarter.
PINS stock is up 20.4% as of Wednesday morning with more than 16.7 million shares traded. That’s well above its daily average of about 9.9 million shares.
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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.
