Why Pinterest Stock Is Trading Higher Today

Pinterest Inc PINS shares are trading higher Tuesday following an upgrade from Piper Sandler.

What Happened: Piper Sandler analyst Thomas Champion upgraded Pinterest from Neutral to Overweight and raised the price target from $25 to $30, citing tailwinds in front of the company following a check on user trends. 

According to several reports, the Piper Sandler analyst also highlighted the company's new activist investor deal and noted that the lows are likely in. Pinterest entered into a long-term cooperation agreement with Elliott Investment Management at the beginning of the month.

What Else: Pinterest is also moving higher alongside the broader market after the Labor Department reported a 7.1% year-over-year increase in the consumer price index (CPI) for November. 

The November CPI reading came in below average economist estimates of 7.7%, signaling the Fed is likely to opt for a smaller 0.5% rate increase Wednesday at its final meeting of the year.

PINS Price Action: Pinterest has a 52-week high of $38.63 and a 52-week low of $16.14.

The stock was up 7.33% at $25.34 at time of publication, according to Benzinga Pro.

Photo: Souvik Banerjee from Flickr.