Is Pinterest Stock Going to $50? 1 Wall Street Analyst Thinks So
All of a sudden, it seems like everything's going right for Pinterest (NYSE: PINS) stock. As company CEO Bill Ready reported last week, Pinterest's investments in artificial intelligence (AI) and efforts to improve "shoppability" on its website (by introducing direct links between ads and advertiser websites), helped drive 23% sales growth in Q1 2024.
Granted, profits remain elusive for the social media company. But most analysts agree that 2024 will be the year Pinterest gets back in the black, and one analyst in particular -- Piper Sandler's Thomas Champion -- says within a year, Pinterest stock will fetch $50 a share.
In a note strewn with industry lingo abbreviations -- "lower-funnel 1P DR product adoption," "3P partnership contribution" -- Champion ultimately concludes that investors should buy Pinterest stock, calling it his "top SMID idea."
Source Fool.com
