Pinterest's Monetization Strategy Gains Traction: Analyst Predicts Solid Growth and Improved Ad Relevance
Pinterest's Monetization Strategy Gains Traction: Analyst Predicts Solid Growth and Improved Ad Relevance
Erickson's latest look at Pinterest ad load & traffic offers a mixed read into the print.RBC analyst Brad Erickson maintained an Outperform rating on Pinterest, Inc. (NYSE:PINS) with a price target of $52.
RBC分析师Brad Erickson维持对Pinterest，Inc. (纽交所:PINS)的Outperform评级，目标价为52美元。
As per Erickson, Pinterest is a solid social media property, perfect for inspiration and discovery within a somewhat narrow set of topics and product categories. The changes the company is making, such as direct links and the Amazon.Com Inc (NASDAQ:AMZN) 3p partnership, could drive ad relevance and conversion higher, hence advertiser ROAS despite higher ad load, per the analyst.
根据Erickson的说法，Pinterest是一个非常好的社交媒体平台，非常适合在一定的话题和产品类别内寻找灵感和发现。该公司正在进行的变革，如直接链接和Amazon.Com Inc (纳斯达克:AMZN)的3p合作，可以提高广告相关性和转化率，从而提高广告主ROAS，尽管广告加载量较高。
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Erickson's latest look at Pinterest ad load & traffic offers a mixed read into the print.
Erickson对Pinterest的广告加载和流量的最新观察提供了混合的看法。
Positively, general ad commentary remains relatively strong, in line with the analyst's recent Small and Midsize Business (SMB) ad checks and Alphabet Inc (NASDAQ:GOOGL) Google search results, and Amazon ad load still appears strong and improving in secondary categories.
积极的是，综合广告评论仍然相对强劲，与分析师最近的小型和中型企业(SMB)广告检查和Alphabet Inc (纳斯达克:GOOGL)的Google搜索结果一致，而亚马逊广告加载仍然在二级类别中表现强劲，且有所改善。
Less positively, YouTube's APAC comments could indicate modest headwinds for Pinterest upticking, particularly in the third quarter. Amazon 3p ad load on primary categories declined somewhat p/p, and mobile & desktop user data looks mixed, Ericson noted.
不太乐观的是，YouTube在亚太地区的评论可能表明Pinterest在第三季度可能面临一些风险，特别是在上升期。Ericson指出，在一级类别上，亚马逊3p的广告已经相对下降，移动和桌面用户数据看起来也比较混合。
In the bigger picture, the analyst remains constructive about Pinterest's structural value creation from the long overdue platform monetization improvement.
从更大的角度来看，分析师对Pinterest的结构性价值创造仍持积极态度，这得益于长期以来平台货币化改善的值得期待。
Pinterest deserves a premium to the group, given that the company has historically under-monetized its platform, which new management is addressing. Erickson said it is growing and ramping margins more quickly relative to the overall space. The target is attributable to confidence in the 3p ad partnership ramping, higher ad load not negatively impacting engagement, and direct links and better relevance driving ROAS higher. To the degree that the company can reaccelerate MAUs in the U.S., there is likely an upside to the analyst's valuation.
Pinterest应该得到高于该行业的溢价，因为该公司在历史上一直低估了其平台，新管理层正在解决这个问题。Erickson表示，相对于整个行业，Pinterest正在更快地增长和提高利润率。这是基于对3p广告伙伴关系推进的信心、高广告加载不会对参与度产生负面影响，以及直接链接和更好的相关性推动ROAS更高的预测。如果该公司能够重新加速美国的MAUs，分析师的估值可能会有上升的空间。
Erickson projected second-quarter revenue and adjusted EBITDA of $848.5 million and $182.1 million.
Erickson预计第二季度的营业收入和调整后的EBITDA分别为848.5万美元和182.1万美元。
Pinterest stock gained 30% in the last 12 months. Investors can gain exposure to the stock through Vanguard Extended Market ETF (NYSE:VXF) and iShares Russell Mid-Cap ETF (NYSE:IWR).
Pinterest股票在过去12个月中上涨了30%。投资者可以通过扩展市场etf-vanguard(NYSE:VXF)和iShares Russell Mid-Cap etf (纽交所:IWR)来获得该股票的曝光。
Price Action: PINS shares traded higher by 0.83% at $37.86 at last check Monday.
PINS股票在上周一的最后交易价格为37.86美元，上涨了0.83%。
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图片来自shutterstock。