J.P.Morgan upgrades Pinterest to 'overweight'; shares jump

Image-sharing platform Pinterest's PINS.N shares jump 3.32% to $32.98 in premarket trading

J.P.Morgan upgrades stock to "overweight" from "neutral", noting that PINS is leveraging its full funnel ad approach and automation/AI capabilities to attract mid-sized advertisers ($1 bln-$30 bln in sales), while larger advertisers already allocate 5%-10% of their budgets to the platform

JPM also raised PT to $40 from $35, a ~25% upside to the stock's last close of $31.91

30 of 41 brokerages rate the stock "buy" or higher, 10 "hold" and 1 "sell"; their median PT is $40 - data compiled by LSEG

PINS had risen ~10% this year through Monday