Why Pinterest Stock Climbed Today

Shares of Pinterest (NYSE: PINS) had climbed by as much as 5% as of 11:20 a.m. EST today after getting a bullish initiation of coverage from Wall Street. Evercore ISI (NYSE: EVR) started Pinterest stock with an outperform rating alongside a price target of $97, which represents approximately 22% upside from yesterday's closing price.

Analyst Mark Mahaney believes that the social media technology company has a differentiated platform that is quickly evolving and should be able to improve monetization while capitalizing on potential e-commerce opportunities. The pandemic accelerated the shift of advertising budgets toward digital platforms, which is a trend that Evercore expects to persist.

The Pinterest app. Image source: Pinterest

Source Fool.com