Shares of WM Technology Inc. /zigman2/quotes/214483293/composite MAPS -0.85% shot up 3.4% in morning trading Tuesday, after Stifel Nicolaus analyst Andrew Carter recommended investors buy, with a target that implied a further gain of 37%. Carter said the California-based company is the "leading cannabis tech platform" that provides U.S. cannabis operators advertising capabilities and tools to manage category and regulatory requirements. "With a discount to cannabis names on profitability metrics, we find the current valuation compelling, undervaluing our robust fundamental outlook and optionality borne from the company's leading position and capital advantage," Carter wrote in a note to clients. He initiated coverage of the stock with a buy rating and $19 price target, making him the third Wall Street analyst surveyed by FactSet to cover the company, all with bullish stances. "We believe the current U.S. environment (cannabis federally illegal) provides WM Technology the ability to enhance its platform and deepen its moat without competition from well-resourced technology companies, enhancing the ability to capitalize on our $100 billion category estimate," Carter wrote. The stock has dropped 11.3% over the past three months, while the Global X Cannabis ETF /zigman2/quotes/214261331/composite POTX +4.26% has shed 20.9% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.09% has gained 7.0%.