Oppenheimer analyst Jason Helfstein initiated coverage of Pinterest (PINS) with an Outperform rating and $45 price target. Pinterest operates a discovery platform with high-intent users in search of products and inspiration, lending itself well to direct response advertising, the analyst tells investors in a research note. The firm says the company is the fastest-growing digital advertising platform excluding Meta Platforms (META). Third party integrations with Amazon (AMZN) and Google (GOOGL, GOOG) are driving improvements to Pinterest’s auction density and pricing, contends Opco. The firm sees upside to engagement and says the stock’s valuation is attractive at current levels.
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