Pinterest upgraded to Overweight from Equal Weight at Wells Fargo

Wells Fargo analyst Ken Gawrelski upgraded Pinterest (PINS) to Overweight from Equal Weight with a price target of $34, up from $23. The analyst says the company’s Amazon (AMZN) partnership going live ahead of the 2023 holidays, improving engagement trends and higher advertising load will allow Pinterest to deliver “accelerating and above-consensus” revenue growth. The firm sees a “strong catalyst path” for the shares over the 12 months. Wells expects Pinterest’s Q3 revenue guidance accelerating to low double digits versus 7% year-over-year in Q2 on impression growth accelerating, improving end-market trends and “Premiere Spotlight.”