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This could be the reason for the action today. It tops the Nomura fellow by 6 points. Maybe we will hear from him again with even a higher projection. Please scroll. Tlsmd
Square, Up 200%, Gains Yet Another Fan -- Barrons.com
2 hours 2 minutes ago - DJNF
By Emily Bary
What do you do with a stock that's up 200% on the year? Upgrade it to Outperform, apparently.
That's what Evercore analyst Rayna Kumar did with Square on Thursday night, raising her price target from $25 to $51. Kumar recently met with CFO Sarah Friar and left feeling more optimistic about Square's ability to grow revenue at a fast pace.
Kumar thinks the company will post revenue growth of 40% in 2018 and 35% in 2019, which is ahead of the 31% and 29%, respectively, that the average Wall Street analyst expects, according to FactSet.
"Over the past year, Square demonstrated strong product adoption with 'large sellers,' while also limiting price deterioration," she writes. "This trend should continue," thanks to products like the Square Register that are meant to appeal to somewhat bigger merchants who want to manage multiple aspects of their businesses on a single device.
She adds that Square doesn't have to spend much to attract new merchants, with the overwhelming majority of larger sellers choosing to "on board" themselves. And the Square Cash app, "while free," gets folks more familiar with Square's brand. Square Cash is a peer-to-peer payments tool that's similar to Venmo, and it recently gave some of its users the chance to buy and sell Bitcoin through the platform.
Square's stock is up 2.5% in Friday trading.
(END) Dow Jones Newswires
November 17, 2017 09:50 ET (14:50 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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CFRA Research Notes
CFRA REITERATES HOLD OPINION ON SHARES OF SQUARE, INC.
Thursday 11/09/2017 02:39 PM ET - S&P Capital IQ's Research Notes
