Why Pinterest Stock Briefly Jumped Today
Shares of Pinterest (NYSE: PINS) briefly jumped as much as 5% this morning after Credit Suisse raised its price target on the stock. As of 12:15 p.m. EST, Pinterest shares have given up most of those gains and are up less than 1%.
Credit Suisse remains neutral overall but raised its price target from $66 to $74. Analyst Stephen Ju acknowledges that Pinterest is executing well but has concerns around the social media technology company's valuation. Pinterest stock has more than tripled over the past year. Ju is boosting revenue estimates based on higher forecasts for average revenue per user (ARPU).
Image source: Pinterest.
Source Fool.com