Pinterest, Inc. (PINS) stock is soaring 5.35% in Wednesday's trading session, buoyed by a wave of positive analyst sentiment and growing optimism about the company's earnings prospects. The social media platform's shares are gaining traction as multiple financial institutions reaffirm their confidence in the stock's potential.

KeyBanc analyst Justin Patterson has maintained a Buy rating on Pinterest with a price target of $37.00, while Bank of America Securities also kept its Buy rating, though it adjusted its price target to $35 from $46. These bullish stances from major financial institutions are likely contributing to investor confidence and driving the stock's upward movement.

Adding to the positive momentum, Pinterest currently boasts an average brokerage recommendation (ABR) of 1.52, approximating between Strong Buy and Buy. Out of 33 brokerage recommendations, 24 are Strong Buy and one is Buy, accounting for 75.7% of all recommendations. This overwhelmingly positive analyst consensus further supports the stock's attractiveness to investors.

Moreover, the Zacks Rank for Pinterest stands at #2 (Buy), indicating a strong potential for near-term price performance. Analysts have been revising their earnings estimates upward, with the Zacks Consensus Estimate for the current year increasing by 0.4% over the past month to $1.82. This growing optimism over the company's earnings prospects could be a legitimate reason for the stock's significant surge today.