Pinterest Stock Gains Traction With Instacart Deal, Multiple Analyst Upgrades

Core Viewpoint - Pinterest, Inc. has seen a surge in bullish sentiment from analysts, with multiple upgrades and increased price forecasts indicating strong confidence in the company's future performance [1][2][3][4]. Analyst Upgrades and Price Forecasts - Morgan Stanley upgraded Pinterest from Equal-Weight to Overweight, raising the price target from $37 to $45 [1]. - Wedbush's Scott Devitt maintained an Outperform rating, increasing the price forecast from $40 to $42 [2]. - KeyBanc's Justin Patterson kept an Overweight rating and raised the price forecast from $40 to $45 [2]. - UBS's Lloyd Walmsley maintained a Buy rating, boosting the price forecast from $44 to $50 [3]. - TD Cowen's John Blackledge maintained a Buy rating, raising the price forecast from $40 to $43 [3]. - Wells Fargo's Ken Gawrelski maintained an Overweight rating, adjusting the price forecast from $41 to $42 [3]. - Citigroup's Ronald Josey maintained a Buy rating, moving the price forecast from $41 to $44 [3]. - JPMorgan's Doug Anmuth upgraded Pinterest from Neutral to Overweight, raising the price forecast from $35 to $40, citing user growth and monetization strategies as key drivers [4]. Strategic Partnerships - Pinterest announced a partnership with Instacart aimed at enhancing shoppability and ad targeting, allowing advertisers to access valuable retail data [5]. - The partnership will introduce closed-loop measurement, linking ad exposure on Pinterest with actual product sales on Instacart, providing insights into campaign effectiveness [6]. - This collaboration will enable users to complete purchases directly through Pinterest, bridging the gap between inspiration and action [6]. Stock Performance - Pinterest's stock has traded between a 52-week low of $23.68 and a high of $42.02, rebounding over 60% from early April lows and up 32% year to date [7]. - The stock is currently trading about 12.6% above its 50-day moving average and 19% above its 200-day moving average, indicating strong momentum [7]. - As of the latest check, PINS shares are trading higher by 2.30% at $37.97 [7].