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Pinterest stock jumps on analyst upgrade

Yahoo Finance's Jared Blikre breaks down why Pinterest stock is up on Tuesday.

Video Transcript

JARED BLIKRE: Welcome back. Another positive for Pinterest that can be pinned to executive changes. Wolfe Research upgrading the social media stock to outperform with a $28 price target, with the analyst seeing, quote, "meaningful upside" under new CEO Bill Ready. Wolfe seeing the potential for user growth and-- excuse me, user growth and monetization with catalysts for growth in monthly average users. And I'm looking at the YFi Interactive right now. You can see some gains of about 4% right there.

But let's take a look at a max chart. This goes back to their 2019 debut. And you can see they have round tripped. This is that bulging bicep that Brian Sozzi had been tracking, that wonderful technical analysis pattern. But you can see, there's a little bit of a rounded bottom. $25 per share potentially a headwind, but severely under pressure, as we can see there from these highs.

JULIE HYMAN: Yeah, the stock is down some 37% year to date. And I think-- I didn't see on there exactly where it peaked, but it's obviously been an underperformer. So Wolfe coming in here and saying maybe now we're going to see a turning point. I have to wonder for many of these stocks that have been so battered this year, where do we get to that turning point.

JARED BLIKRE: It's a reasonable bet because a lot of these stocks haven't even undercut their June lows. So if they've been trading sideways for the last two or three months, you've got to think, well, maybe that demonstrates some resiliency. I would be more comfortable if the S&P 500 were to go to new lows, and you saw some stocks kind of maintain those gains. That would be a divergence that I could get excited about, but not quite there just yet.

JULIE HYMAN: No, we are not.

JARED BLIKRE: No divergences to get excited about today, Julie.

JULIE HYMAN: No, darn it. All right.