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Trends & Analysis
News

PepsiCo posts earnings beat, but misses on sales

News

Crude oil spikes after US inventories data

News

Risks on the horizon for the S&P 500?

News

GBP/USD retreats after hitting 1-month high

News

US dollar recovers from last week’s losses

News

Should you own Meta Platforms or Alphabet?

Asset Watch

Can the Pinterest rally continue??

Tuesday, December 5, 2023

Optimism abounds on Wall Street as weak economic data and rate-cut enthusiasm fuel the ‘bad news is good news’ trade. And with some of 2022’s laggards showing signs of life, a more dovish Fed could be a boon for the financial markets’ riskiest assets.

 

Jefferies analyst James Heaney upgraded Pinterest on Nov. 30, raising his price target from $32 to $41. He said:

 

“Our PINS upgrade following our recent initiation of coverage is based on several factors, including material EBITDA upside to the street over the next few years, increased confidence in ad pricing tailwinds, and more durable than expected user growth and engagement gains.”

 

So far, 2024 looks more prosperous than anticipated, so Pinterest could be a sneaky bull play over the next few months.

The green candle on the right side of the chart shows how the stock ended last week above the 78.6% Fibonacci retracement level for the first time since January 2022. It acted as resistance during the previous three weeks, which has made the accomplishment increasingly constructive.

If the momentum continues, next-level resistance is near $38.50, which coincides with the December 2021 intraweek and closing highs. If cleared, there is little standing in the way of a rally to the 61.8% Fibonacci retracement level of $44.44.

Are higher highs in store for Pinterest, or was last week’s strength a fake-out?


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