Pinterest has an opportunity to gain share from Twitter - Piper Sandler

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By Sam Boughedda 

Piper Sandler analysts maintained an Overweight rating and a $30 per share price target on Pinterest (NYSE:PINS) in a note, telling investors the firm sees an opportunity for PINS to gain share from Twitter.

Overall, the analysts said the firm likes Pinterest's vertical exposure to retail/auto/CPG and lack of exposure to tech.

"In October we began tracking ads observed on the mobile app to assess vertical exposure. Our sample now counts ~350 total ads, and we think this provides a proxy for vertical exposure. Our observations suggest Retail / Ecom (30%), Home (18%) & Health / Fitness (12%) are the largest verticals," wrote the analysts.

On Twitter shares, the analysts explained the average Twitter advertiser skews more toward telecom/tech and less towards retail/restaurants than the group. However, they "still see an opportunity for PINS to gain share."

"On a spend-weighted basis, retail is the largest vertical for advertisers pulling spend from Twitter. Plus, Twitter skews more toward brand (~80%), a positive for PINS / SNAP relative to META. PINS also offers the 'safest' platform from a brand safety perspective," they added.

Pinterest shares are down 1% so far in Friday's session.