Shares of Pinterest, Inc. (PINS) surged 7.12% in pre-market trading on Monday, as investors reacted positively to a recent analyst update. The social media platform's stock received a boost following Deutsche Bank's reaffirmation of its "Buy" rating, despite a slight adjustment in the price target.
Deutsche Bank analysts revised their price target for Pinterest from $45 to $42, still indicating significant upside potential from the stock's current trading levels. This adjustment comes as part of a broader review of the social media sector, with Pinterest maintaining its favorable position among analysts.
The positive sentiment is further reinforced by data from FactSet, which reports that Pinterest has an average rating of "overweight" among analysts, with a mean price target of $40.44. This consensus view suggests that Wall Street remains optimistic about Pinterest's future prospects, likely contributing to the pre-market rally.
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