Mark Mahaney names Pinterest stock a top pick

August 17, 2023 01:21 PM PDT | By Invezz

Mark Mahaney names Pinterest stock a top pick — Image source: Invezz

Pinterest stock has upside to $45

On Thursday, Mark Mahaney dubbed the image sharing platform his favourite in the list of small-to-mid-cap internet names he covers.

The analyst now sees upside in Pinterest stock to $45 on the back of a partnership the company announced with Amazon in April.

It appears that the Amazon partnership is progressing faster than expected, and we believe this can bring materially incremental advertiser demand to the Pinterest platform.

Pinterest will likely update on that partnership at its Investor Day scheduled for mid-September, he added. Note that shares of the social media company are still up more than 25% versus their year-to-date high.

Pinterest had a strong second quarter

Earlier this month, Pinterest reported its financial results for the second quarter that handily topped Street estimates (find out more). Evercore’s Mahaney expects shoppable pins to be a material catalyst for the stock as well.

We have also seen a solid streak of ad product innovations focused on shoppable pins since new CEO Bill Ready took the helm, dialing up the monetisation engine for the company.

He’s convinced that the California-based company faces slimmer competition as its use cases are different than a bunch of other online advertisers.

Strong user growth also factored into Mahaney’s bullish view on Pinterest stock. The social media service added about 2 million users in its fiscal second quarter.

The post Mark Mahaney names Pinterest stock a top pick appeared first on Invezz.

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