Pinterest (PINS, Buy, $47 target) Reiterate Top Small Cap Pick as 4Q/1Q Rev/EBITDA all Beat
What’s New: In this first take following tonight’s results, we focus on:1. Everything beats: Revenue and adj. EBITDA ahead in both 4Q24 and 1Q25 guidance
2. Performance+ ramping into 2025
3. Who makes sense as the next 3P partner? The cases for TTD and CRTO
4. Very strong margins: we see more leverage on S&M as 3P partnerships ramp
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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