Shares of Pinterest, Inc. (PINS) surged 10.03% in early trading on Monday, as investors responded enthusiastically to recent analyst updates that reaffirmed bullish sentiments on the social media platform. The stock's significant uptick comes despite slight adjustments in price targets from major financial institutions.
Deutsche Bank analysts maintained their "Buy" rating on Pinterest, although they revised their price target from $45 to $42. Similarly, UBS adjusted its price target to $44 from $39, while also keeping a "Buy" rating. These adjustments, which still indicate substantial upside potential, seem to have bolstered investor confidence in Pinterest's growth prospects.
The positive momentum is further supported by broader Wall Street sentiment. According to FactSet data, Pinterest currently holds an average rating of "overweight" among analysts, with a mean price target of $40.44. This consensus view underscores the market's optimism about Pinterest's future, likely contributing to today's impressive rally. As the trading session progresses, investors will be closely watching to see if Pinterest can maintain this upward trajectory.
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