Guggenheim has reaffirmed a Buy rating on Pinterest Inc and retained a $38.00 price target following its review of the company's January 2026 audience reach and app download metrics. That target equates to about a 72% increase from the stock's current price of $22.13, with Pinterest trading near its 52-week low of $21.83.
Audience reach and downloads
The firm's analysis finds mixed user metrics. Pinterest's core global Ads Manager audience reach fell by 30 basis points in January, the first decline after a 90 basis point rise in December. On a domestic basis the trend was weaker still, showing a 70 basis point decline versus 2.3% growth in December.
In January 2026 Pinterest began reporting audience reach for 38 new international markets that are sold through third-party advertising partners. Including those markets, total audience reach rose to 427.4 million in January compared with 301.6 million measured in core countries alone. The firm estimates that roughly 97% of the incremental reach came from Rest of World regions, underscoring that recent expansion in reported reach is concentrated outside core markets.
Apptopia download data showed global app downloads increased by 1.0% in January, down from 2.4% growth in December. Domestic downloads continued to decline, falling 7.8% after a 3.1% drop in December.
MAU outlook and financial posture
Guggenheim projects first-quarter 2026 global monthly active user (MAU) net additions of 16 million, which the firm says implies a modest annualized growth slowdown to 10.1%, versus a 10.7% pace it forecast for the fourth quarter. The note adds that MAU growth is expected to decelerate through the year across all regions.
Despite the recent user metrics, the company retains solid financial markers in third-party assessments. According to InvestingPro's models cited in the analysis, the stock appears undervalued on a Fair Value basis and carries an overall financial health score labeled "GREAT" of 3.22.
Restructuring and strategic refocus
Pinterest has announced a global restructuring that will reduce its workforce by less than 15% and shrink office footprint. Management expects pre-tax restructuring charges in the range of $35 million to $45 million, primarily cash items. The stated aim of the reorganization is to redeploy resources toward AI-focused roles and to accelerate development of AI-powered products and capabilities.
Analyst reactions
Analyst responses to these developments have been mixed. HSBC downgraded the stock from Buy to Hold, citing concerns about Pinterest's renewed emphasis on artificial intelligence without clear signals of cost reductions or revenue upside. By contrast, BofA Securities maintained a Buy rating and anticipates fourth-quarter revenue of $1,332 million, a figure slightly above consensus; BofA expects revenue growth to decelerate by 2 percentage points quarter-over-quarter to 15% year-over-year. Stifel also reiterated its Buy stance, reflecting confidence amid the restructuring efforts.
Implications
The combination of softer domestic engagement metrics and an expanded reporting footprint outside core markets creates a nuanced picture for advertisers and investors evaluating Pinterest's near-term user growth and monetization. The company is taking concrete steps to reduce costs and accelerate AI investments, but analysts differ on how quickly those actions will translate into measurable financial improvement.