Wall Street Firm Upgrades Pinterest Stock, Citing Optimal Strategic Move

Pinterest has received another upgrade from a Wall Street firm, with Wells Fargo analyst Ken Gawrelski upgrading the stock to Overweight and raising the price target to $34. The analyst believes that a partnership with Amazon, improving engagement trends, and higher ad load will drive accelerating revenue growth for Pinterest. CEO Bill Ready is focused on making Pinterest a more "shoppable" platform and ensuring it is a positive social media platform, which may attract more advertisers. The company's efforts, along with cost cuts, are expected to drive margin expansion this year.