Piper says ad units on Pinterest suggest Google partnership being tested in U.S.

Piper Sandler says that recently, the firm has observed multiple new Google (GOOGL) ad units on the Pinterest (PINS) app, which caught its attention. Piper has taken a deeper look at the URLs and thinks the ad units are an indication that a Google partnership is potentially being tested in the U.S. Also, a code string “GTHRetarg” suggests the ad units could be Search-related or use audience data to retarget users on Pinterest. Prior to this week, the last time the firm saw any type of Google ad on Pinterest was in February 2023. Pinterest remains Piper’s top Mid-Cap pick. The firm reiterates an Overweight rating on Pinterest’s on the shares with a price target of $48.