Pinterest: Zephirin initiates with 'sell' rating

MOGU

22/04/2019 09:09

** Zephirin Group initiates coverage of Pinterest Inc
 PINS.N  with "sell" rating and price target of $12 
    ** Co's shares surged almost 30% above the IPO price of $19
on Thursday, valuing the online scrapbook company at about $16
bln and signaling investor appetite for new tech listings 
 urn:newsml:reuters.com:*:nL3N2203ZP
    ** Before the IPO, D.A. Davidson started coverage of PINS
with "neutral" rating  urn:newsml:reuters.com:*:nL1N21X0PR and Atlantic Equities
initiated with "overweight" rating  urn:newsml:reuters.com:*:nL1N21R1A8 
    ** Zephirin says is cautious on PINS as market for visual
sharing is very competitive as other companies have a better
cool integrated platform with e-commerce and live video
offerings
    ** Says co faces growing competitive pressure between
Facebook  FB.O /Instagram, Snap  SNAP.N , Mogu  MOGU.N ,
Weibo WB.O , Alphabet  GOOGL.O , iQIYI  IQ.O , and Twitter
 TWTR.N 
    ** As an oldie, PINS keep improving user engagement, which
is reflected in 2018 revenues up by 60.2% YoY - Zephirin 
    ** Says for 2019, forecasts 16.2% increase in revenue to
$878.5 mln and global monthly active user up by 9.5% to 291.2
mln
    ** Shares opened at $23.75, above the IPO price, and closed
2.73% higher at $24.40 on Thursday 
    

 (Reporting By Geetha Panchaksharam)
 ((geetha.panchaksharam@thomsonreuters.com))