What happened Shares of Cricut (NASDAQ: CRCT) have soared today, up by 13% as of 11 a.m. EDT, after getting a slew of bullish initiations from Wall Street. The coverage comes several weeks after the company went public with a traditional IPO at the end of March. So what Here's a summary of the five analysts that initiated coverage on Cricut this morning: Baird: An outperform rating and price target of $26. Citi: A buy rating and price target of $25. Morgan Stanley: Overweight with a $23 price target. Goldman Sachs: A buy with a $35 price target. Barclays: Overweight with a $26 price target. The Cricut Maker cutting machine for crafts materials. Image source: Cricut. Now what Baird analyst Mark Altschwager believes that Cricut's creativity platform is differentiated and enjoys strong profitability, while the company has an "accomplished" management team. Shares are also trading at a discount compared to peer consumer-connected platforms. Morgan Stanley analyst Katy Huberty argues that Cricut is positioned to benefit from the growing market for traditional crafting, while the user base is extremely engaged and passionate. Goldman Sachs analyst Rod Hall likes how Cricut has created an automated platform that leverages precision cutting machines and expects the company to grow by continuing to expand into international markets. Barclays analyst Adrienne Yih says that interest in crafting should remain "heightened," while the network effects will strengthen as the user base grows. Cricut is scheduled to report first-quarter results on May 13. 10 stocks we like better than Cricut, Inc.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Cricut, Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of February 24, 2021 Citigroup is an advertising partner of The Ascent, a Motley Fool company. Evan Niu, CFA has no position in any of the stocks mentioned. The Motley Fool recommends Barclays. The Motley Fool has a disclosure policy.Source