FMP
Pinterest Shares Rise 2% as BofA Highlights Strong Ad Growth and Promising Partnerships
Sep 19, 2024 8:22 AM - Davit Kirakosyan
Image credit: FMP
Pinterest (NYSE:PINS) shares rose by nearly 2% on Wednesday following positive comments from BofA.
The firm highlighted the successful ramp-up of Pinterest’s Performance+ and third-party (3P) partnerships, noting strong growth in advertisers. BofA pointed out that Amazon ads on Pinterest have improved click-through rates and increased ad spend, signaling growing effectiveness. Additionally, Pinterest's relatively low ad load compared to competitors presents an opportunity for significant revenue growth, with third-party partnerships potentially boosting net revenue by 50% over the coming years.
However, BofA did caution about potential challenges, including softness in the consumer packaged goods (CPG) sector and the rapid pace of AI and machine learning innovation among larger competitors.
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