Why Pinterest Stock Jumped 14% in June
Shares of image-browsing platform Pinterest (NYSE: PINS) jumped 14.2% in June, according to data provided by S&P Global Market Intelligence. Oddly enough, an announcement from April was a catalyst for Pinterest's market-beating performance during the month, even though nothing new happened.
For most of June, Pinterest stock was simply trending upward along with the S&P 500. But on June 28, the stock jumped because Wells Fargo analyst Ken Gawrelski raised his price target for Pinterest stock to $34 per share, according to MarketWatch. The analyst cited Pinterest's partnership with Amazon as a positive catalyst for the stock price.
Think of Amazon as an e-commerce search engine -- shoppers use the search box to find what they're looking for. But merchants can place higher in search results by running sponsored ads. This is a large, growing source of revenue for Amazon.
Source Fool.com
