Pinterest upgraded to Outperform from Market Perform at Bernstein

Bernstein upgraded Pinterest (PINS) to Outperform from Market Perform with a price target of $47, up from $34, following the Q4 report. Pinterest is “executing across the board” with North America engagement ticking up, a taste-graph identifying and filling commercial moments, 70% of spend now focused on lower funnel objectives, and an “army of resellers helping to lift the international business out of purgatory,” the analyst tells investors in a research note. The firm says it is “hard to pick holes anywhere.” Bernstein sees enough evidence in Pinterest’s execution to believe the pace of progress is sustainable.