** Image sharing platform Pinterest PINS.N forecast better-than-expected first-quarter revenue on Thursday on rising user engagement and interest in its AI-powered ad automation suite Performance+

** Shares rose more than 22% in premarket trading

** At least 17 brokerages raised PT on the stock after results

SUSTAINABLE GROWTH AHEAD

** J.P. Morgan ("neutral," PT: $42) says co has a scaled user base with high commercial intent and operates in a large addressable market

** "We believe Pinterest can build a strong ad platform as it grows its user base and improves monetization – recognizing the company is still in its early innings," brokerage says

** Citi Research ("buy," PT: $47) says presence of third-party resellers on the platform strengthens co's auction vibrancy creating incremental shoppable signals and improving Search ad relevancy

** Bernstein ("outperform," PT: $47) says Performance+, just starting to ramp is a healthy catalyst through the year

** TD Cowen ("buy," PT: $46) says increasing engagement and ad load driven by AI-led ad relevancy could drive durable growth

** Jefferies ("hold," PT: $39) says co is making progress on its lower-funnel advertising initiatives and expects Performance+ to be the next key product catalyst

(Reporting by Ateev Bhandari in Bengaluru)

((Ateev.Bhandari@thomsonreuters.com;))