Pinterest Upgraded To Buy From Neutral At Goldman Sachs

Goldman Sachs analyst Heath Terry upgraded Pinterest (PINS) to Buy from Neutral with a price target of $61, up from $37. Based on current app download data, Pinterest's "strong" user growth continued through Q3, Terry tells investors in a research note.

Feld checks, along with Snap's (SNAP) Q3 results, suggest that advertiser demand strengthened over the course of the quarter, particularly for smaller platforms like Pinterest, Twitter (TWTR), and Snap, says the analyst. Terry believes Pinterest's long-term monetization opportunity should drive further outperformance of the shares given the "early-stage nature" of the company's advertising technology and sales investments, particularly outside the U.S.