Here's How Benchmark Views Twitter, Pinterest, Snap - Pinterest (NYSE:PINS), Snap (NYSE:SNAP)

Benchmark analyst Mark Zgutowicz initiated coverage of multiple social media stocks.
Zgutowicz initiated coverage of Twitter Inc TWTR with a Hold rating and no price target. He views Twitter as providing high utility to a niche user base.
Still, he sees limited ability to scale beyond an otherwise event-driven branding platform and does not believe Twitter will ever achieve its 50% direct response mix target.
Related: Here's Why Benchmark Feels That Meta's Advertising Problem Is 'Getting Worse, Not Better'
Zgutowicz initiated coverage of Pinterest Inc PINS with a Hold rating and no price target.
Pinterest has always offered unique visual IP and high utility to its "predominantly female audience," but its niche demographic has been "its Achilles heel," Zgutowicz said.
Zgutowicz initiated coverage of Snap Inc SNAP with a Buy rating and $50 price target (22.4% upside).
The current valuation does not accurately reflect future digital advertising share gain from improving relative return on ad spends, or "ROAS," compared to peers, argues Zgutowicz.
Price Action: TWTR shares traded lower by 1.1% at $35.16 on the last check Tuesday. PINS shares traded lower by 1.83% at $26.26, and SNAP shares traded lower by 2.20% at $39.06.