Why Pinterest Stock Is Rising Today

Pinterest Inc PINS shares are trading higher Wednesday following positive analyst coverage from Wolfe Research.

Wolfe Research analyst Deepak Mathivanan upgraded Pinterest from a Peer Perform rating to an Outperform rating and announced a $28 price target, citing a significant runway to long-term growth under new management. 

Pinterest reported 9% revenue growth in the second quarter and guided for third-quarter revenue growth in the mid-single digits.

Pinterest is an online product and idea discovery platform that helps users gather ideas.

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PINS Price Action: Pinterest has a 52-week high of $36.95 and a 52-week low of $16.14.

The stock was up 4.3% at $23.05 at time of publication.

Photo: Photo Mix from Pixabay.