Pinterest (PINS) continues to face a slowdown in advertiser spending in the Asia Pacific region due to the elimination of the "de minimis" trade loophole, UBS analysts said in a note Friday.
The slowdown has emerged as a headwind to an expected acceleration in Q3 revenue guidance, the analysts said.
The company set Q3 revenue guidance Thursday of $1.03 billion to $1.05 billion. Analysts polled by FactSet expect $1.03 billion.
Revenue for Q2 ended June 30 was $998.2 million, up from $853.7 million a year earlier. Analysts polled by FactSet expected $974.9 million.
UBS said large advertisers' trend of allocating more direct response budgets to the company should continue through the year. The analysts also said they believe an uplift from partnerships with Alphabet's (GOOGL, GOOG) Google and Amazon (AMZN) "remains underappreciated," as the partnerships start to scale and advertisers onboard more money.
The company's international monetization efforts, excluding Google, offer "additional optionality in 2025" as Pinterest expands its frontline sales presence internationally.
The brokerage raises Pinterest's fiscal 2025 and 2026 revenue estimates by about 1% to $4.23 billion and $4.76 billion, respectively.
UBS maintained a buy rating on the stock with a $50 price target.
Price: 34.52, Change: -0.62, Percent Change: -1.75
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