By Sam Boughedda
Pinterest (NYSE:PINS) was maintained at Neutral, with its price target raised to $23 from $22 at Piper Sandler on Monday.
The firm also raised Pinterest monthly active user (MAU) estimates due to continued positive trends.
"We estimate US MAUs of 97MM in September (+4% y/y) improved from 95MM in August and 93MM in July. International MAUs of 176MM in September also improved from 164MM in August and 160MM in July. In the US, mobile app user growth +7% y/y in September continues to outpace non-mobile app (-7% y/y). This is also the case with International users," wrote analysts.
They explained that international improvements are "partly due to new countries added to the Ads Manager." However, they acknowledged that while the MAU improvements are positive, they continue to have questions about the core business.
Pinterest closed Monday's session up 1.72%, meaning the social media firm's shares have gained over 30% in the last month.