2025-06-13-花旗集团-拼趣公司（PINS）_Pinterest公司（PINS.N）_重新审视Pinterest的增长催化剂_扩大参与度_绩效预算和下层漏斗广告创新_15页_562kb

Citi Research maintains a "Buy/High Risk" rating for Pinterest (PINS.N) with a $41 target price, based on positive engagement gains and ad revenue potential despite macro uncertainties. Key growth catalysts include accelerated U.S. daily and monthly active user (DAU/MAU) growth driven by user base aging and new products like Visual Search and Auto-collages. Pinterest is gaining share of lower-funnel ad budgets through innovations such as Performance+ and ROAS Bidding, which boost revenue visibility. Financial projections show mid-to-high teen revenue growth, with improved operating efficiency and margins. However, risks include potential macro challenges, increased competition from platforms like Instagram and TikTok, and slower international monetization.