Why Pinterest Stock Made Gains Today

Shares of Pinterest (NYSE: PINS) have gained today, up by 3% as of 12:50 p.m. EDT, after getting an upgrade from Wall Street. Morgan Stanley boosted its rating on Pinterest stock from equal weight (equivalent to neutral) to overweight (equivalent to buy).

Analyst Brian Nowak increased his price target from $34 to $44, representing over 25% upside compared to Friday's closing price. The COVID-19 pandemic has accelerated the broad consumer shift to e-commerce technology platforms, which should contribute to broader growth in digital ad spending on social media platforms such as Facebook and Pinterest.

Image source: Pinterest.

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Source Fool.com