Pinterest shares at last check were 8.4% higher at $49.14. They've jumped as much as 15%, touching a 52-week high above $52in Wednesday trades.
Here is what Wall Street is saying about Pinterest:
Credit Suisse (Neutral Rating Unchanged, PT Up to $36 From $31)
We raise our advertising revenue forecasts based on positive advertiser checks signaling ongoing recovery of budget growth for Pinterest – particularly as we believe from an industrywide standpoint nearly every single vertical where it has a more meaningful presence seem to have outperformed versus our expectations during third-quarter 2020. Our aggregate revenue growth estimate for third-quarter 2020 hence stands at +40% year over year versus +35% prior, and we also raise our fourth-quarter 2020 estimate to +29% from +23%.
- Stephen Ju
Bank of America (Upgraded to Buy From Neutral, PT Raised to $58 From $45)
Snap announced third-quarter results with revenues significantly above the Street, another sign of a strong online advertising rebound, and suggesting traction for self-serve ad platforms with e-commerce exposure. While we have been bullish on third-quarter online ad sector upside, we have been hesitant on Pinterest’s valuation and uneven growth. However, with ad checks highlighting confidence in Pinterest’s strong user intent and ad platform innovation (such as automated bidding), we are upgrading to buy.
DA Davidson (Neutral Rating Reiterated, PT Under Review)
We are impressed by the company's near-term ability to exploit the Facebook (FB) - Get Report boycott, which had a positive impact on its July sales, and the long-term continuous progress it has made to improve the platform from both a content and advertising sales perspective. We would reconsider our rating on greater confidence it will translate into higher sales and profitability than we are currently forecasting, both near term and long term.
- Tom Forte
Here's what has Jim Cramer focused on social media stocks in general Wednesday: