Sometimes, you’re lucky enough to track the same exact move as a major brokerage house.
When this happens, and you’re quick enough to act, it could lead to immediate profits.
That’s exactly what happened this morning…
Last week, I started to introduce War Room members to the idea of getting positioned in Pinterest (NYSE: PINS) going into Christmas.
Specifically, on Friday at 10:17 a.m., I said…
Pinterest might be a nice play to own going into Christmas. Like that bounce off $24 support. This may be a play I add to my November call ledger. Tracking…
As a quick company description, Pinterest calls itself “a visual discovery engine” that helps users discover ideas for various projects and interests.
Whether it’s for remodeling a house, cooking a Thanksgiving meal, training for a marathon, choosing a new fall fashion, planning a wedding or discovering a tropical dream vacation, Pinterest offers you an array of visual recommendations called “pins.”
These pins are all based upon your own unique interests and personal tastes. And, of course, the pins are shoppable with up-to-date pricing.
Pinterest went public this past April – it traded as high as $36 per share in late summer but has since fallen back down to around the $25 to $26 support level.
Noting this support level on Friday, I wrote…
Pinterest just tapped support at $25.50 and quickly bounced. Tracking.
Shortly after that on Friday, I told War Room members to move into the Pinterest November calls.
That leads us into this morning…
Before today’s open, RBC Capital analyst Mark Mahaney upgraded Pinterest stock to outperform – increasing his target price from $30 to $35 – saying that he’s optimistic about the stock since the lockup on shares expired last week.
Mahaney said…
Our analysis of 60-plus tech IPOs since 2017 shows lockup periods have generally acted as a significant overhang leading up to the expiration (median 3-month prior return: -11%), with performance improving thereafter (median 3-month after return: +8%).
Here’s what I told War Room members after seeing this…
RBC Capital must be tracking the same support level we are – because it upgraded Pinterest this morning to outperform with a $35 price target. That could bode well for our Pinterest calls that we added last week. If we see a nice a.m. pop, let’s be ready to ring the register. More to come.
Action Plan: As you can see from the chart above, trading Pinterest is far from over. With a price target that was just moved up from $30 to $35, this stock has plenty of room left to go. If we see another quick opportunity to move into another play, I’ll immediately tell War Room members. To receive information for this next trade, I invite you to join me in The War Room today!