Pinterest filed for initial public offering (IPO) with the Securities and Exchange Commission (SEC) on Tuesday. The social media company disclosed that it will be trading its shares on the New York Stock Exchange (NYSE) under the ticker “PINS.”
Additionally, Pinterest stated in its form S-1 filing that it is planning to sell 75 million shares of Class A common stock at a price between $15 and $17 each. The social media company’s valuation could reach around $11.3 billion based on the upper-end of its expected IPO price.
Analyst believes Pinterest is capable of generating superior ad revenue
On Tuesday, Pinterest received a bullish recommendation from a Wall Street analyst before its public offering.
James Cordwell, an analyst at Atlantic Equities, issued an “Overweight” rating and a 12-month price target of $23 on PINS shares.
In a note to investors, Caldwell predicted that Pinterest will return to achieving a double-digit growth in the second quarter. He also expected the social media company to replicate its U.S. success abroad.
