Pinterest has taken a beating in recent years. This analyst thinks it's time to buy

Pinterest has taken a fall over the past few years, one analyst thinks shares are due for a major move higher. TD Cowen called Pinterest its "best Smidcap Idea for 2026" in a note to clients on Monday. Analyst John Blackledge gave the social media platform a price target of $38, implying a massive 83% upside, and the highest price target compared to other firms tracking the stock, based on LSEG data. PINS YTD line Pinterest is down 25% this year "Going forward, we expect Pinterest to be a share gainer in the global digital ad market, helped by favorable user and engagement trends alongside rising adoption of the company's Performance+ initiative and a longer-term broadening of the advertiser client base." Blackledge wrote in Monday's note. The stock, however, has struggled over the years. Since peaking in 2021, Pinterest has fallen nearly 75%. In the past 12 months, it has lost 41%. But shares have managed to make up some of ground. They are up more than 13% this quarter and have advanced more than 3% over the past month — outpacing the S & P 500's 3% decline. A bullish case to buy Blackledge cited four reasons he believes that Pinterest is well-positioned: Performance+ adoption rate: Performance+ — Pinterest's AI-driven suite for ads — is a massive driver for advertiser growth, with management stating 30% of lower funnel revenue is going through Performance+ Strong user growth: Monthly active users rose 11% year over year in Q1 to 631 million. …