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UBS analysts upgraded shares of Pinterest (NYSE:PINS) to Buy from Neutral with the price target of $35 per share (up from the prior $27).
The analysts see the Pinterest stock as an “event-driven positive catalyst and an estimate revision opportunity.”
“We think ad tech moves – including but not limited to partner monetization – stand to drive a step function improvement in revenue growth. Early advertiser feedback on the Liveramp partnership alone suggests significant improvement in ad efficacy that should drive budget, and further monetization partnerships could unlock incremental demand,” analysts wrote in the upgrade note.
The channel checks also show an improving executive under the new CEO, Bill Ready.
“Advertisers tell us Pinterest is taking bolder steps and moving more rapidly,” analysts added.
Pinterest stock price closed at $27.47 on Friday with shares up 13.1% year-to-date (YTD).
