By Dhirendra Tripathi
Investing.com – Pinterest (NYSE:PINS) shares climbed more than 1% after Guggenheim analyst Michael Morris reiterated a buy rating along with his $95 price target for the stock.
The price target is 13% higher than the stock’s current level.
Morris said the company is well-positioned for significant financial growth in 2021 given continued high consumer engagement, improved advertiser tools and global expansion.
Morris said data from Amazon’s Alexa Rank indicates Pinterest showed further engagement momentum during the first quarter.
The analyst said that data from App Annie shows Pinterest’s monthly average user rankings reached the top five in existing regions including France, Germany, Turkey and the U.K. in 2020. He said this is a clear positive for user trends.
“In Brazil and Mexico, as well as Japan and South Korea, Pinterest also ranks within the top five social apps, which we think presents a positive setup for incremental, newer-region monetization. Note that Pinterest has launched in Latin America beginning with Brazil and plans to expand further within the region throughout 2021," he noted.