Aurora Cannabis stock was rising sharply on Tuesday, up more than 9% following a bullish call from Cowen & Co.

The back story. Aurora Cannabis stock (ACB) has been on a tear in 2019, rising 58.5% since the start of the year. It hasn’t been a straight shot upward for the Canadian cannabis company, but Aurora’s acquisition of Whistler Medical Marijuana drew cheers in January, as did its earnings in February. This has all come amid general enthusiasm for pot stocks on Wall Street and among other consumer products companies. There may be a long road ahead to get U.S. federal approval, but analysts are optimistic about Aurora’s prospects, along with that of many of its peers.

What’s new. Cowen’s Vivien Azer, a leading analyst in the sector, initiated coverage of Aurora with an Outperform rating and a price target of $14 Canadian. (The Alberta-based Aurora trades on both the New York Stock Exchange and the Toronto stock exchange under the same ticker.) “While establishing 20% market share has been an early success story in Canadian adult use cannabis, the company is uniquely positioned to drive leadership in both share and profitability,” Azer wrote.

Aurora replaced Canopy Growth stock (CGC) as Azer’s top pick in the space. Aurora Cannabis stock was up 9.5% on Tuesday afternoon, to $7.90 per share, even as the broader S&P 500 was down slightly.

Looking ahead. Azer wrote that Aurora’s “large cultivation footprint” gives it a cushion to weather the ups and downs of the nascent industry, positioning it well to take share—not only in the Canadian market, but in its 23 international locations, too.

In addition, she believes that Aurora will deliver positive earnings before interest, taxes, depreciation and amortization by its fiscal fourth quarter in June, making it one of the first of its peers to reach this milestone—ahead of major players like Canopy and Aphria (APHA). Moreover, the valuation still looks reasonable, Azer wrote, even with Aurora’s rally (although she acknowledges that the company will likely have to raise additional capital at some point in the future).

While Azer pointed to Aurora’s strengths and stabilizing factors (geographic footprint, international presence), any investors that buys into the company should be prepared to weather the volatility of the industry, which has seen plenty of big swings in recent months.