Shares of Etsy Inc. ETSY, +8.33% are up 9.4% in Tuesday trading after Loop Capital analyst Laura Champine initiated coverage of the stock with a buy rating and $32 price target. Champine thinks that the company's new management team has the right experience for the job and has so far made some hard but correct choices. These include layoffs at the company's headquarters that have helped reorient the company around technology. "We think an improved search engine would be a significant growth driver for the company, as most searches today yield a hit-or-miss result, with 50 million items from which to choose across Etsy's global platform representing a significant filtering challenge," Champine wrote. She thinks new CEO Josh Silverman's prior experience at eBay Inc. EBAY, +1.83% could help with this. Etsy's stock is up 184% in the past 12 months, while the S&P 500 SPX, +1.67% has gained 13%.