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(Bloomberg) -- The sudden tumble in the shares of Pinterest Inc. Friday has one analyst defending the stock.
Sanford C. Bernstein analyst Mark Shmulik brushed off speculation that channel checks for the social-media company have been relatively muted, saying the concerns were overblown. Pinterest shares fell as much as 11% Friday, the most in more than five months, which Shmulik said created a buying opportunity. The stock pared some losses to close down 9.7%.
The analyst said channel checks for Pinterest are as strong as he has ever heard, acknowledging that they remain challenging, given that significant changes from large ad buyers can have a material impact. Shmulik has a market perform rating on the stock. It has 18 buys, 9 holds and one sell rating, according to data compiled by Bloomberg.
Pinterest didn’t respond to a request for comment.
San Francisco-based Pinterest is expected to report first-quarter results on April 27 after market close. The stock has gained 16% this year and hit a record as recently as Feb. 16.
(Updates share moves and chart.)
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