2026년 2월 13일 · Unknown · financial · 출처 Seeking Alpha
[Pinterest, Reddit, Whatsapp and other Apple Apps on iPhone screen]
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Shares of Pinterest (PINS [https://seekingalpha.com/symbol/PINS]) are set to open at a six-year low on Friday if current session losses hold.
PINS shares fell more than 21% to touch nearly $14 in premarket trading; the stock is down more than 28% so far this year and has lost more than half its value in the past 12 months.
The company reported weak results and outlook and warned about revenue headwinds. Pinterest said a pullback in ad spending by large retailers due to tariffs had an impact on their top line.
Wells Fargo noted that the company, which is trying to compete in the performance advertising market with behemoths like Meta (META [https://seekingalpha.com/symbol/META]) and Google (GOOG [https://seekingalpha.com/symbol/GOOG]) (GOOGL [https://seekingalpha.com/symbol/GOOGL]), must deliver a return on ad spend higher than them to win budgets, which is expected to be "very difficult."
"The difference between META and GOOGL calling out strength in retail and PINS commentary on weakness stems from the difference in the advertiser base—PINS serves larger retailers, struggling with tariffs and competitive concerns, whereas META and GOOGL skew to the long tail more aligned with the Shopify merchant base growing ~30% annually," Wells Fargo said in their research note. "The go-to-market approach to sales is very different, and the appeal to SME merchants will take time. We do not believe a sales inflection is likely in '26."
Wells Fargo maintained their "overweight" rating but cut the price target on PINS by $8 to $27, implying an upside of 45.6%.
Bank of America shared a similar view and said AI-driven return on ad spend at larger platforms is impacting Pinterest’s ability to capture incremental ad budgets.
"Tariff headwinds will lap in 3Q, but we expect AI-driven competitors (Google, OpenAI soon) to be increasingly competitive," BofA said. "Also, margin expansion cycle appears to have reached an end, impacting EBITDA growth."
BofA moved to the sidelines and lowered the rating on PINS to "neutral" from "buy" and cut PT by $20 to $19, expecting a marginal downside.
Evercore ISI also followed BofA's suit and cut Pinterest to "in line" from "outperform."
The research firm pointed out that revenue at the company kept falling sequentially from Q1 to Q4.
"Tariff-driven U.S. retail advertising spend softness is surely a factor, but we are increasingly concerned that competitive intensity is rising—from Google, Meta, and plausibly Reddit (RDDT [https://seekingalpha.com/symbol/RDDT]) and other platforms," the research firm said. "And we believe that competitive intensity will likely further rise in ’26 and ’27 with the re-emergence of TikTok U.S. (TIKTOK [https://seekingalpha.com/symbol/TIKTOK]) and the emergence of ChatGPT (MSFT [https://seekingalpha.com/symbol/MSFT]).
Evercore cut PT by $15 to $25, implying an upside of 31%.
MORE ON PINTEREST
* Pinterest, Inc. (PINS) Q4 2025 Earnings Call Transcript [https://seekingalpha.com/article/4869800-pinterest-inc-pins-q4-2025-earnings-call-transcript]
* Pinterest, Inc. 2025 Q4 - Results - Earnings Call Presentation [https://seekingalpha.com/article/4869772-pinterest-inc-2025-q4-results-earnings-call-presentation]
* Pinterest's Business Model Doesn't Fit Typical Social Media Valuations [https://seekingalpha.com/article/4864581-pinterests-business-model-doesnt-fit-typical-social-media-valuations]
* Pinterest shares plummet on tariff headwinds, lower ad spending warning [https://seekingalpha.com/news/4551797-pinterest-shares-plummet-on-tariff-headwinds-lower-ad-spending-warning]
* Pinterest outlines 11–14% Q1 revenue growth target as company accelerates ad platform diversification and AI investments [https://seekingalpha.com/news/4551640-pinterest-outlines-11-14-percent-q1-revenue-growth-target-as-company-accelerates-ad-platform]