Pinterest Inc PINS shares were climbing in early trading on Wednesday after the company reported higher-than-expected results for its first quarter.

The results came amid an exciting earnings season. Here are some key analyst takeaways from the release.

Goldman Sachs On Pinterest

Analyst Eric Sheridan maintained a Buy rating while raising the price target from $41 to $44.

Pinterest reported "very strong" results for the first quarter, with broad-based upside, Sheridan said in a note.

"In many ways, we see this quarterly report as evidence of management progress across its mix of product initiatives (shoppable content, direct response/bottom-funnel ad budgets and partnerships aiding in wider scaled monetization)," the analyst wrote.

He added that the company's partnerships with Amazon.com Inc AMZN and Alphabet Inc GOOGL GOOG "are contributing revenue momentum, which "should continue to build throughout 2024."

Roth MKM On Pinterest

Analyst Rohit Kulkarni reaffirmed a Neutral rating while lifting the price target from $38 to $40.

Pinterest reported robust first-quarter earnings and guided to second-quarter revenues ahead of expectations, Kulkarni said. "Mgmt. sounded upbeat about growing traction with bottom-of-funnel direct response ads and supporting ad-tech," he added.

Amazon ads could hit an annual run rate of $200 million by the fourth quarter, while Google ads could reach around $40 or $50 million, the analyst stated.

Check out other analyst stock ratings.

Wedbush On Pinterest

Analyst Scott Devitt reiterated a Neutral rating while raising the price target from $38 to $44.

Pinterest's results reflected "broad-based strength stemming from ongoing initiatives to improve monetization as well as healthy MAU (monthly active users) and engagement growth," Devitt wrote in a note. He added that the beat was also due to lower expectations after the company's disappointing fourth-quarter results.

Pinterest has started to benefit from the "ongoing adoption of lower funnel advertising tools and new ad surfaces, which are driving monetization improvements," the analyst stated. Results from a proprietary advertising survey and broader industry data suggest spending intent could remain healthy through the year, he said.

Piper Sandler On Pinterest

Analyst Thomas Champion maintained an Overweight rating while lifting the price target from $48 to $50.

Pinterest recorded revenues of $740 million, representing 23% year-on-year growth and beating Street expectations by around 6%, while its second-quarter guidance reflected 18% to 20% growth and came in around 150 basis points (bps) above estimates, Champion said.

"Users accelerated across all geographies, with total MAUs of 512MM +12% y/y," the analyst wrote. Management referred to an "aging down" of the user base, "with Gen-Z now ~40%+ of the user base and growing fastest," he added.

JPMorgan On Pinterest

Analyst Doug Anmuth reaffirmed a Neutral rating while raising the price target from $38 to $44.

With strong first-quarter results, Pinterest shifted into a "higher gear of growth with broad-based strength across users & monetization," Anmuth said. The company added more than 20 million MAUs in the quarter and reported adjusted EBITDA margin expansion of over 1,000 bps, "as the platform realizes its best product-market fit in years," he added.

"Through the Internet 1Q reporting cycle so far, it has been clear that the ad market fared well, but Pinterest's investments in lower-funnel tools and 3P partners are also generating incremental spending on the platform," the analyst stated.

PINS Price Action: Shares of Pinterest had risen by 21.38% to $40.60 at the time of publication on Wednesday.

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