Why Pinterest Stock Jumped Higher on Wednesday
Shares of image-browsing social platform Pinterest (NYSE: PINS) jumped higher on Wednesday after a prominent analyst said that the company has an important catalyst for the business. As of 10 a.m. ET, Pinterest stock was up 6%.
The analyst in question is Ken Gawrelski of Wells Fargo. According to various reports, Gawrelski upgraded Pinterest stock today from a hold rating to a buy rating. According to TipRanks, his price target for Pinterest stock is now $34 per share, which implies more than 20% additional upside from where it trades right now.
As of this writing, Pinterest stock is only up about 30% over the past three years, trailing the 45% return for the S&P 500. And a big reason for this underperformance is its current lack of revenue growth. The company's revenue was only up 5% year over year in the first quarter of 2023.
Source Fool.com
