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
RBC analyst Brad Erickson maintained an Outperform rating on Pinterest, Inc. (NYSE:PINS) with a price target of $52.
RBC分析師Brad Erickson維持對Pinterest，Inc. (紐交所:PINS)的Outperform評級，目標價爲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.
根據Erickson的說法，Pinterest是一個非常好的社交媒體平台，非常適合在一定的話題和產品類別內尋找靈感和發現。該公司正在進行的變革，如直接鏈接和Amazon.Com Inc (納斯達克:AMZN)的3p合作，可以提高廣告相關性和轉化率，從而提高廣告主ROAS，儘管廣告加載量較高。
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Erickson's latest look at Pinterest ad load & traffic offers a mixed read into the print.
Erickson對Pinterest的廣告加載和流量的最新觀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.
積極的是，綜合廣告評論仍然相對強勁，與分析師最近的小型和中型企業(SMB)廣告檢查和Alphabet Inc (納斯達克:GOOGL)的Google搜索結果一致，而亞馬遜廣告加載仍然在二級類別中表現強勁，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.
不太樂觀的是，YouTube在亞太地區的評論可能表明Pinterest在第三季度可能面臨一些風險，特別是在上升期。Ericson指出，在一級類別上，亞馬遜3p的廣告已經相對下降，移動和桌面用戶數據看起來也比較混合。
In the bigger picture, the analyst remains constructive about Pinterest's structural value creation from the long overdue platform monetization improvement.
從更大的角度來看，分析師對Pinterest的結構性價值創造仍持積極態度，這得益於長期以來平台貨幣化改善的值得期待。
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應該得到高於該行業的溢價，因爲該公司在歷史上一直低估了其平台，新管理層正在解決這個問題。Erickson表示，相對於整個行業，Pinterest正在更快地增長和提高利潤率。這是基於對3p廣告夥伴關係推進的信心、高廣告加載不會對參與度產生負面影響，以及直接鏈接和更好的相關性推動ROAS更高的預測。如果該公司能夠重新加速美國的MAUs，分析師的估值可能會有上升的空間。
Erickson projected second-quarter revenue and adjusted EBITDA of $848.5 million and $182.1 million.
Erickson預計第二季度的營業收入和調整後的EBITDA分別爲848.5萬美元和182.1萬美元。
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股票在過去12個月中上漲了30%。投資者可以通過擴展市場etf-vanguard(NYSE:VXF)和iShares Russell Mid-Cap etf (紐交所:IWR)來獲得該股票的曝光。
Price Action: PINS shares traded higher by 0.83% at $37.86 at last check Monday.
PINS股票在上週一的最後交易價格爲37.86美元，上漲了0.83%。
Photo via Shutterstock
圖片來自shutterstock。