Sheridan raised the rating from ‘neutral’ to ‘buy’ and increased the target price from $24 to $31, pointing to rising engagement trends and potential for revenue increase in 2023 and 2024. At the time of writing, in premarket, the shares popped 5% on the positive news as investors rushed into the stock. At market open, shares surged another 1% to a total of 6% gain at the time of writing on October 6.
PINS chart and analysis
The short-term trend is positive, while the long-term trend is neutral, as PINS outperformed 80% of 80 stocks in the Interactive Media & Services industry. Over the past month, shares have traded from $22.13 to $25.91, bouncing between the 200-day and 50-day moving averages. Technical analysis shows a support zone from $23.48 to $23.61 and a resistance line at $26.68. Analysts rate the stock a ‘moderate buy,’ with the average price in the next 12 months reaching $26.32, 6.86% higher than the current trading price of $24.63. Notably, out of 21 Wall Street analysts, eight have a ‘buy’ rating, and thirteen have a ‘hold’ rating.
Bright future
With the recent speculations that PayPal (NASDAQ: PYPL) may be pursuing the acquisition of Pinterest, as well as the strong revenue growth seen during their latest earnings, it seems that the momentum is turning positive for PINS. The current analyst upgrade could serve as a boon for the shares, as investors who were ambivalent about the stock, could look for an entry position here and push the price action higher. Buy stocks now with Interactive Brokers – the most advanced investment platform Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
