Strong 1Q for Pinterest, but Full-Year Guidance Disappoints; Maintaining $22 FVE; Shares Overvalued
Pinterest reported mixed first-quarter results, as the firm beat our internal projections and consensus on the top line but missed slightly on the bottom line. We were pleased with a continuing increase in Pinterest’s monthly active user count, along with further monetization of those users, which support our assumption of a network effect moat source for the company. First-quarter numbers also displayed Pinterest’s progress toward profitability, which we still expect will happen in 2021. Manage...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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