WM Technology share skyrockets after Stifel analyst says ‘buy’ leading cannabis technology platform

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Shares of WM Technology Inc. MAPS,
+ 2.33%
climbed 3.4% in morning trading on Tuesday, after Stifel Nicolaus analyst Andrew Carter recommended investors buy, with a target that implied an additional 37% gain. Carter said the California-based company is the “premier cannabis technology platform” that provides US cannabis operators with advertising capabilities and tools to manage category and regulatory requirements. “With a haircut on cannabis names on profitability measures, we find the current valuation compelling, undervaluing our robust fundamental outlook and our option stemming from the company’s leadership position and capital advantage.” Carter wrote in a note to clients. He started hedging the stock with a buy rating and a price target of $ 19, making him the third Wall Street analyst surveyed by FactSet to hedge the company, all with bullish positions. “We believe that the current US environment (cannabis is illegal federally) offers WM Technology the opportunity to improve its platform and deepen its moat without competition from well-resourced tech companies, improving thus the ability to capitalize on our category estimate of $ 100 billion, “Carter wrote. The stock has fallen 11.3% in the past three months, while the Global X Cannabis ETF POTX,
+1.27%
lost 20.9% and the S&P 500 SPX,
+ 0.16%
gained 7.0%.


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