Pinterest (NYSE:PINS) stock is getting a boost on Monday after RBC analyst Brad Erickson upgraded the social media company’s shares.
That upgrade sees the RBC analyst bumping shares of PINS stock up from a “sector perform” rating to an “outperform” rating. For the record, the analysts’ consensus rating for PINS shares is moderate buy based on 27 opinions.
To go along with that upgrade, Erickson also increased the firm’s price target for PINS stock from $34 per share to $46 per share. That’s a potential upside of 31% for the stock. It’s also above the analysts’ consensus price prediction of $34.86 per share.
What’s Behind the PINS Stock Upgrade?
Here’s what the RBC analyst has to say about PINS in a note to clients obtained by CNBC.
“Through the combination of a) reducing conversion/purchase friction through direct links and b) adding significant new product supply with new ad partners, particularly Amazon, we believe PINS has an outsized opportunity to capitalize on this shift.”
PINS stock is up 2.4% as of Monday morning. That comes alongside some 877,000 shares of the stock changing hands. To put that in perspective, the company’s daily average trading volume is roughly 11.7 million shares.
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On the date of publication, William White did not have (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.
