Pinterest price target raised to $50 from $45 at Evercore ISI

Evercore ISI raised the firm’s price target on Pinterest (PINS) to $50 from $45 and keeps an Outperform rating on the shares. Following the firm’s proprietary tracking and analysis of Pinterest’s Amazon (AMZN) partnership and a series of channel checks, the firm is “materially” raising estimates reiterating shares as its number one small-to-mid cap long in the internet space. The firm now estimates 20% revenue growth in FY24 and notes that its FY25 revenue, EBITDA free cash flow estimates are “now notably above consensus.”