Pinterest up after UBS upgrades to 'buy', raises PT
27/03/2023 13:43
** Shares of social media firm Pinterest Inc PINS.N rise 4.3% to $28.66
premarket
** UBS upgrades PINS to "buy" from "neutral" and raises PT to $35 from $27
** "Early ad tech partnerships have already improved the perceived return on
ad spend (ROAS) among early adopter advertisers, and we think this sets the
stage for revenue acceleration," UBS analysts say
** Co's recent ad tech initiatives position it well to hit 20% revenue
growth in 2024 - UBS
** Ramping up its ad business in international market could drive $500 mln
in revenue in 2024 if co were to capture ~1% market share - UBS
** "Advertisers tell us Pinterest is taking bolder steps and moving more
rapidly under its new CEO Bill Ready, which gives us more confidence in the
likelihood of execution overall" - UBS
** Current avg. rating of 34 analysts covering the stock is "hold" and their
median PT is $29 - Refinitiv data
** Up to last close, PINS up 13% YTD
(Reporting by Chavi Mehta in Bengaluru)
((Chavi.Mehta@thomsonreuters.com;))