Analysts at Piper Sandler said in a note Tuesday that they have observed multiple new Google ad units on the Pinterest (NYSE:) app.

The firm explained that after taking a deeper look at the URLs, it believes this suggests a potential Google partnership being tested in the US. The firm maintained an Overweight rating on PINS, maintaining it as a top mic-cap pick.

“Also, a code string ‘GTHRetarg’ suggests the ad units could be Search-related or use audience data to retarget users on Pinterest,” said Piper Sandler.

Prior to this week, analysts at Piper Sandler last saw any type of Google ad on Pinterest in February 2023.

“If this is indicative of a test, we find this development notable given i) this is a more rapid of a rollout, than the Amazon partnership, which took 6-9 months to emerge; and ii) geographically more interesting because we are seeing it in the US when Google has been framed as supplementing the International business,” the firm explained.

“As a reminder, AMZN was initially marketed as a DSP partnership but was later known to be more expansive. It’s possible we are seeing a similar cadence play out with Google.”