Pinterest Stock Has 30% Upside, According to 1 Wall Street Analyst

Pinterest (NYSE: PINS) investors are having a great week. After Pinterest reported its best growth in three years Tuesday -- sales up 23% in Q1 2024 -- and predicted its momentum will continue into Q2, with sales rising another 18% to 20%, shares of the social media company surged 21% in a single day.

And that may be just the start. On Wednesday, StreetInsider.com spotted RBC Capital analyst Brad Erickson predicting Pinterest stock, which rose to $40 after earnings, will travel 30% higher, ending at $52 within a year.

Pinterest CEO Bill Ready credited "investments in AI and shoppability" for "driving even greater returns for advertisers," and Erickson agreed that advertisers are giving Pinterest more business as they see better returns on their ad spending.

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Source Fool.com