The firm initiated the stock as a buy, citing multiple reasons to be optimistic.
There are reasons to be excited about Pinterest , according to HSBC. Analyst Mohammed Khallouf initiated coverage of the social media platform with a buy rating and a price target of $32.10. That target indicates that Khallouf thinks shares can rise 23.2% from Monday's close.
That positive and apolitical message can be a boon and resonate with advertisers, Khallouf said, especially given heightened political polarization. A focus on social commerce has already begun bearing fruit, Khallouf said. Click-through rates and saves of "pins" that have a capability component grew 50% year over year in the second quarter, up from 35% year over year in the second quarter of 2021.
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