Pinterest soars after Piper Sandler upgrade

Pinterest (PINS.US) shares jumped more than 8.0% after Piper Sandler upgraded its stance on the social media platform to 'overweight' from 'neutral', with a new price target of $30 per share  from $25, as it believes that company's stock price may gain 25% on a stronger ad outlook. Analysts pointed out that the 2023 Ad buyer survey indicated an improved ad product and rising market share and there is a potential for a stock buy-back. 

Pinterest (PINS.US) stock launched today’s session with a bullish price gap, however buyers failed to break above key resistance at $26.70, which coincides with 78.6% Fibonacci retracement of the upward wave launched in March 2020. As long as price sits below, a downward move towards the local support zone around $23.80 may be launched. Source: xStation5