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4 big analyst picks: Pinterest making 'optimal strategic move,' says Wells Fargo

Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades at Pinterest, Saia, Old Dominion, and California Water Service.

InvestingPro subscribers got this news first. Never miss another market-moving headline.

Pinterest upgraded at Wells Fargo

Pinterest (NYSE:PINS) shares gained more than 3% pre-market today after Wells Fargo upgraded the company to Overweight from Equal Weight and raised its price target to $34.00 from $23.00.

According to the firm, Pinterest's strategy to outsource monetization to third parties, including an announced partnership with Amazon (NASDAQ:AMZN), aims to address its attribution and scale issues.

Wells says this will enable the company to concentrate on enhancing user engagement and experience. It added that early signs of improved engagement and ad load, combined with outsourced monetization, should significantly improve the company's revenue and margin outlook.

Saia earns 2 upgrades, shares surge

Saia (NASDAQ:SAIA) shares gained more than 6% yesterday after two Wall Street firms upgraded the company, as reported in real time on InvestingPro.

BofA Securities upgraded the stock to Buy from Neutral and raised its price target to $388.00 from $311.00. Meanwhile, Evercore ISI upgraded to Outperform from In Line and raised its price target to $360.00 from $298.00.

The company is set to report its Q2/23 earnings at the end of next month. Street estimates stand at $3.25 for EPS and $701.65 million for revenues.

2 more upgrades

Old Dominion Freight Line (NASDAQ:ODFL) shares jumped more than 7% yesterday after BofA Securities upgraded the company to Buy from Neutral and raised its price target to $391.00 from $331.00.

Wells Fargo upgraded California Water Service (NYSE:CWT) to Equal Weight from Underweight with a price target of $56.00 (from $58.00).

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