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IM Cannabis stock rallies toward an 8-day win streak after bullish analyst call

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The U.S.-listed shares of IM Cannabis Corp.
IMCC,
+3.28%

rallied 3.2% in afternoon trading Thursday, putting them on track for an eighth straight gain, after a bullish call from Alliance Global Partners analyst Aaron Grey, saying the Israel-based cannabis company is an “international play” on legal cannabis. The stock, on track to close at a five-week high, has run up 36.86% during its win streak. Grey initiated coverage of the company with at buy rating and stock price target of $10, which is about 66% above current levels. He said he believes IM Cannabis is “particularly well positioned” to benefit from the growing Israeli medical cannabis market. “Additionally, we look for [IM Cannabis] to grow its business in the German medical market, with recent acquisitions positioning it in Canada’s premium segment (and
allowing for exports, in time).” The stock is rallying despite broad weakness in the cannabis sector, as the Cannabis ETF
THCX,
-1.99%

dropped 1.7% with 26 of 32 equity components losing ground. Year to date, IM Cannabis shares have slumped 22.9% while the Cannabis ETF has soared 42.0% and the S&P 500
SPX,
+0.39%

has gained 13.0%.

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