Shares of Pinterest (NYSE: PINS) rose by as much as 6% today after getting a price-target bump from Wall Street. Wells Fargo boosted its valuation estimate from $75 to $85.
Analyst Brian Fitzgerald reiterated an overweight (equivalent to a buy) rating on the social media tech company. Even after tech stocks enjoyed an incredible rally in 2020, Fitzgerald believes that the sector will maintain that momentum in 2021 as macroeconomic conditions improve. Vaccine distribution is ramping up and lockdown restrictions are easing around the world, and a third stimulus package is expected to be passed soon in the U.S.
Image source: Pinterest.
Source Fool.com