Pinterest priced its initial public offering (IPO) price to $19 per share, higher than its expected price range between $15 and $17 per share.

The social media company raised more than $1.4 billion and reached a market valuation of over $10 billion on Wednesday.

In a statement Wednesday, Pinterest said it is offering 75 million of its shares of its Class A common stock. In addition, the social media company is offering an additional 11, 250,000 shares, which the underwriters have the option to buy.

Pinterest is set to start trading its shares on the New York Stock Exchange (NYSE) under the ticker “PINS” on Thursday, April 18.  its IPO is expected to close on April 23, subject to customary closing conditions.

Analyst believes Pinterest has a powerful growth driver

On Monday, D.A. Davidson analyst Tom Forte initiated coverage of Pinterest shares. He recommended a “Neutral” rating and $16.50 price target.

In a note to clients, Forte wrote that Pinterest offers “consumers an impressive visual-based discovery platform for merchandise and advertisers a large and growing global base of consumers with purchase intent.”

Forte described social media company’s platform offering to consumers and advertisers as a “powerful combination” that could boost its profit and revenue over the long term.

He explained that his price target for PINS shares “already reflects our favorable view of Pinterest including its growth prospects."

In an interview with CNBC’s Squawk Alley, Forte said Pinterest’s stock value is comparable to Roku, which also has an advertising base business model. He believes that both companies “should have fat margin over time.” According to him, the social media company’s IPO price is “a bit pricey.”

Last week, the social media company received a bullish recommendation from James Cordwell, an analyst at Atlantic Equities. He recommended an “Overweight” rating and a 12-month price target of $23 per PINS share.

Cordwell believes that Pinterest has the ability to return to achieving a double-digit growth in the second quarter and replicate its U.S. success overseas.