Shares of Pinterest (NYSE: PINS) were up 3.8% as of 12:19 p.m. ET on Wednesday after receiving an upgrade from Wolfe Research analyst Deepak Mathivanan. 

The analyst believes the stock can outperform over the next 12 months with former PayPal executive Bill Ready stepping in as the social media platform's new chief executive officer.  

A slowing online advertising market and weak user growth trends have weighed on Pinterest in 2022. Year to date, the shares are down 37%, underperforming the S&P 500's loss of 17%.

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Source Fool.com