Wall Street analysts are sticking by the stock in the wake of the company's big miss.
Most analysts feel the social media company, which went public last month, is on the right track and said to use the pullback as an opportunity to buy the shares.
"The stock could remain volatile near term, but management laid out a compelling roadmap that should ensure ongoing strong revenue growth and a route to attractive profitability over the medium term," Atlantic Equities analyst James Cordwell said. Shares plunged 15% in premarket trading Friday to $25.79, still above the stock's $19 IPO price but just around its closing price on its first day of trading of $24.40."Overall, fundamentals are intact, and we view significant near-term weakness as an attractive buying opportunity," analyst Colin Sebastian said.
Analysts at UBS noted Pinterest is in a, "unique position," in its space and reiterated its confidence in the company's ability to execute over the long haul. "While its initial earnings report & forward commentary were roughly inline with Street estimates, we still see signs that PINS long-term narrative is solidly intact," wrote UBS analyst Eric Sheridan in his recap not to clients."Though the headline outlook may have missed the mark, we believe expectations have been broadly reset for the rest of the year and our view on the long-term drivers of the business remain intact ," Nomura analyst Mark Kelley said.
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