Baird analyst Colin Sebastian views today's post-earnings selloff in shares of Pinterest as an attractive buying opportunity.

The stock in premarket trading is down 15%, or $4.64, to $26.22 following last night's Q1 results.

Pinterest reported results confirming the company's preliminary Q1 numbers, with a modest uptick in full-year guidance, Sebastian tells investors in a research note. While some media headlines suggest a revenue and/or earnings miss, this is largely "noise" as a few high-end estimates skewed the consensus, says the analyst.

He believes Pinterest's "ongoing strength" in U.S. advertising growth and early signs of traction from its international growth efforts are more important. As such, Sebastian believes the company's fundamentals are intact and he keeps an Outperform rating on the name with a $36 price target.