Pinterest (PINS)  shares rose after Wedbush analyst Ygal Arounian initiated coverage of the San Francisco photo-posting and -discovery company with an outperform rating and $33 price target.

The call indicates an 11% increase from its price of $29.69, up 7%, shortly after the open Tuesday.

"Pinterest is unique to any other media platform in its visual search and discovery toolset and that advertising actually improves the consumer experience," Arounian wrote in a note. "We view Pinterest as well positioned to capture greater wallet share due to the commerce intent-rich nature of the platform."

Arounian said Pinterest is early in its efforts to monetize the platform and has opportunities to grow the base of international markets from which it makes money.

"Many key initiatives like its self-serve ad platform, international localization, shopping, and its catalogues product aren't expected to have meaningful impact until 2020," he wrote of the company's broader efforts.

Pinterest shares are breaking toward the high end of their 52-week range between $23.05 and $35.29. There are two buys and two overweight ratings, 10 holds and one sell on the stock based on analysts surveyed by FactSet.

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