UBS says Pinterest can rally more than 25% on plans to improve advertising
Pinterest could see big gains ahead as new leadership pushes the e-commerce platform to unlock untapped advertising opportunities, according to UBS. Analyst Lloyd Walmsley upgraded the stock to buy from neutral. Walmsley raised his price target by $8 to $35. That implies an upside of 27.4% from where the stock closed Friday.
Or, he said the company could see $681 million in revenue in 2024 if the share of average revenue per user that's international hit Facebook's core levels. The company has also seen an increase in ad loads stemming from improved ad density and relevance. Meanwhile, he said Pinterest has been able to improve its pure prices. Still, he said the company could benefit from a large global partner to help, while smaller local partners can provide additional support.
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