Pinterest can surge 25% as user engagement and monetization improve, Goldman says in upgrade

Goldman Sachs is confident that Pinterest has a plan to monetize its platform, and is working to increase the amount of inventory for users.

Shares of Pinterest can jump 25% from here as the social media company improves user growth and monetization on its platform, according to Goldman Sachs. Analyst Eric Sheridan upgraded shares of Pinterest to buy from neutral, saying he came away from a recent meeting with senior Pinterest management with increased confidence. Sheridan also hiked his price target on the stock to $31 per share. The stock jumped 5% in the premarket. "We upgrade the shares of Pinterest ...

The image sharing company came under pressure this year — the stock is down 32% in 2022 — as it dealt with a pivot away from growth names, as well as slowing ad spending and increasing competition. Still, Sheridan expects Pinterest will continue to benefit from a shift in consumer engagement and social commerce online. According to the analyst, the company's leaders are focused on monetizing its platform, and are working to raise the amount of inventory that users can purchase.

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