What happened Shares of Pinterest (NYSE: PINS) briefly jumped as much as 5% this morning after Credit Suisse raised its price target on the stock. As of 12:15 p.m. EST, Pinterest shares have given up most of those gains and are up less than 1%. So what Credit Suisse remains neutral overall but raised its price target from $66 to $74. Analyst Stephen Ju acknowledges that Pinterest is executing well but has concerns around the social media technology company's valuation. Pinterest stock has more than tripled over the past year. Ju is boosting revenue estimates based on higher forecasts for average revenue per user (ARPU). Image source: Pinterest. "We are raising our advertising revenue forecasts based on positive advertiser checks signaling higher-than-expected budget growth," the analyst wrote in a research note to investors. "In particular, we believe contributions from verticals in which Pinterest has more exposure all outperformed our expectations in the aggregate during 4Q20." Now what Credit Suisse is modeling for fourth-quarter revenue to jump by 63%, up from its prior forecast of 60% growth. Pinterest's guidance calls for sales to increase by 60% in the fourth quarter. Search queries on the platform are starting to move away from COVID-19-related topics and toward other use cases that "have higher commercial intent," according to Credit Suisse. That should allow the company to keep moving down its marketing funnel and create greater value for advertising inventory. Pinterest launched a partnership with e-commerce specialist Shopify last year, which Ju is optimistic about. Find out why Pinterest is one of the 10 best stocks to buy now Motley Fool co-founders Tom and David Gardner have spent more than a decade beating the market. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* Tom and David just revealed their ten top stock picks for investors to buy right now. Pinterest is on the list -- but there are nine others you may be overlooking. Click here to get access to the full list! *Stock Advisor returns as of November 20, 2020 Evan Niu, CFA owns shares of Shopify. The Motley Fool owns shares of and recommends Pinterest and Shopify. The Motley Fool has a disclosure policy.Source