PINS is the least successful of the various social media platforms.  It is also the least controversial and has the smallest market cap at under $20B.  There have been no negative news stories or reputational risk associated with Pinterest, which in our mind would make it a great acquisition target.  The stock is trading near its IPO price nearly six years ago despite growing revenue each year, albeit with growing expenses.  We believe that a larger company that wishes to get into social media with no reputational damage could purchase PINS.  As a standalone company, it does not appear particularly exciting, but with the current price the risk to the downside appears to be relatively small.