Pinterest (NYSE:PINS) stock is getting a boost on Tuesday after Evercore ISI analyst Mark Mahaney upgraded the social media company.
That upgrade saw Mahaney increase shares of PINS stock from an “in line” rating to an “outperform” rating in a note to clients. For comparison, the analysts’ consensus rating for PINS shares is “moderate buy” based on 22 opinions.
To go along with that upgrade, the Evercore ISI analyst also increase the firm’s price target for PINS stock to $41 per share. That’s a potential 40.7% upside for the stock compared to yesterday’s close. It’s also above the analysts’ consensus price prediction of $29.44 per share for the stock.
What’s Behind the Bullish PINS Stock Rating
Mahaney believes that PINS is at “an inflection point” right now as global advertising starts to recover. That could be a major positive for Pinterest, with Mahaney predicting a possible double-digit EBITDA growth.
Evercore ISI isn’t the only firm that weighed in on PINS stock today. Here’s a quick breakdown of other recent updates on the stock:
- Goldman Sachs boosted its price target from $29 per share to $32 per share while maintaining a “buy” rating.
- Loop Capital increased its price target from $28 per share to $37 per share.
- Credit Suisse raised its price target from $28 per share to $31 per share while maintaining a “neutral” rating.
PINS stock is up 4% as of Tuesday morning.
There’s more stock market news traders will want to read about below!
We have all of the biggest stock market stories that investors need to know about on Tuesday! A few examples include why shares of Teladoc (NYSE:TDOC) stock, AMC Entertainment (NYSE:AMC) stock, and Chipotle Mexican Grill (NYSE:CMG) stock are moving today. All of this news is available at the following links!
More Tuesday Stock Market News
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.
