Pinterest gets its first recommendation from Wall Street before it goes public

Pinterest has already earned a recommendation from Wall Street and it’s not even listed on public exchanges yet.

London-based U.S. equity brokerage firm Atlantic Equities on Tuesday initiated coverage of Pinterest with an overweight rating and a $23 year-end price target. This comes one day after the image-sharing social network set a price range of $15 to $17 per share for its initial public offering of 75 million shares. Pinterest will list under the ticker “PINS” on the New York Stock Exchange.

“We believe the company’s unique and broadly appealing proposition, offering consumers the ability to view and collate visual recommendations, will enable ongoing robust user growth,” Atlantic’s analyst, James Cordwell, said in a note to clients Tuesday.

Pinterest’s price range is seen as a discount from the company’s most recent valuation on the private markets, which was $12 billion in its last fundraising round in 2017. The upper end of the target range will put Pinterest at just $11.3 billion.

The social network’s public offering follows ride-hailing start-up Lyft’s debut less than two weeks ago. It was not smooth sailing for Lyft as its shares went downhill after the initial pop and are still trading below the IPO price. More of the so-called unicorns, privately financed companies valued at more than $1 billion, are slated to go public this year, including Uber, Airbnb, Slack and…

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