Pinterest Inc：7倍'28 EBITDA的新兴AI赢家？维持增持

研报英文原文证据摘录

M

Idea

August 5, 2026 03:06 AM GMT

Morgan Stanley & Co. LLC

Pinterest Inc | North America

Brian Nowak, CFA

Equity Analyst

Emerging AI Winner at 7X '28

EBITDA? Stay OW

Gregory Gao

Research Associate

Nikhil Javeri

Research Associate

What’s Changed

Pinterest Inc (PINS.N)

From

To

Price Target

$30.00

$32.00

Julian Herrera

Research Associate

Kavya A Narayanan

PINS delivered another quarter of AI-driven improvements to

engagement, monetization and user/advertiser tool sets. They

are also investing in a cost effective manner (open source). AI

ROIC on display. OW, $32 PT has ~35% upside.

GenAI Investments Driving Engagement, Revenue, and EBITDA, Remain OW: 2Q

revenue was 2% better than expected and 2% above top end of guide, while the 15%

Y/Y growth at the top end of 3Q revenue guidance was in-line with us. 2Q ad

Research Associate

Pinterest Inc (PINS.N, PINS UN)

Internet | United States of America

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

Mkt cap, curr (mm)

52-Week Range

Overweight

Attractive

$32.00

$25.58

$14,399

$39.77-13.85

strength was driven by further GPU enabled improvements to ad creative,

targeting, bidding, delivery and measurement. Performance Plus and ad

automation are driving results across large retailers, SMBs and emerging verticals

(like financial services, travel and health). As we have seen at GOOGL/META/AMZN,

we expect benefits from ad automation to continue to improve as long as

engagement is strong. Here, engagement trends remain strong with UCAN

searches and boards created outgrowing UCAN users, which were +4% in the

quarter. PINS is also investing in agentic offerings to further improve engagement

and monetization as seen by their launch of PINS Assistant to the vast majority of

UCAN users at the end of July. PINS Assistant is designed to be a more

conversational and interactive to help improve the pinning and commercial search/

interaction experience, while moving consumer behavior further down the funnel,

which should improve monetization. We are also encouraged by PINS ability to

invest and scale new GenAI capabilities in a cost effective manner (leveraging

…