Guggenheim Reiterates Buy on Pinterest, Highlights Strengthening User Trends Ahead of Q2 Report

Guggenheim reiterated its Buy rating and $39 price target on Pinterest (NYSE:PINS), pointing to improved user engagement metrics in June that signal strengthening platform usage despite typical seasonal softness in the second quarter.

In a detailed data review, the firm noted Pinterest’s global Ads Manager Audience Reach growth accelerated to +2.6% in June, up from +2.2% in May, with U.S. reach trends also improving to +6.0% from +4.9%. These first-party metrics suggest healthy user activity heading into Pinterest’s Q2 results, which will report monthly active users (MAUs) based on June data.

While third-party Apptopia download trends showed continued softness both domestically and internationally, Guggenheim emphasized that downloads only capture gross acquisition and do not reflect user retention. The analyst highlighted a divergence since late 2024, with Ads Manager data remaining strong even when download figures declined—evident in Pinterest’s Q1 MAU beat.

Guggenheim’s forecast calls for global Q2 MAU net adds of +4 million, implying a slight annualized growth deceleration to +9.9% versus +10.0% in Q1. For full-year 2025, the firm projects 44 million net MAU adds, ahead of the Street’s consensus estimate of 41 million.

Guggenheim reiterated its positive thesis, arguing that robust user growth combined with rising engagement per user positions Pinterest well for monetization gains, especially in the early stages of expanding ad revenue opportunities.