Pinterest stock indicated to open at $22.50-$23.50, 18% to 24% above IPO price
with a neutral rating and $16.50 price target. The company is expected to go public later this month. Pinterest "provides consumers an impressive visual-based discovery platform for merchandise and advertisers a large and growing global base of consumers with purchase intent," wrote Forte, which is a "powerful combination" that could drive revenue and profit growth over the long run, in his view.
Atlantic Equities analyst James Cordwell initiated coverage of Pinterest with an overweight rating and a $23 year-end price target on Tuesday. Pinterest is expected to go public soon. The online photo-sharing company set a price range of $15 to $17 a share on Monday, which would give the company a valuation of up to $11 billion, below the $12.3 billion it fetched in a 2017 private funding round.
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