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SunTrust Out With High-Conviction Technology Picks for Q4
By: 24/7 Wall St. | October 3, 2019

Square

This is another stock that came out with big fanfare, but it has seen some serious selling since the summer. Square Inc. (NYSE: SQ) develops and provides payment processing, point-of-sale, financial, and marketing services worldwide. It provides Square Register, a point-of-sale software application for iOS and Android, which enables sellers across a range of business types to itemize products or services for faster checkout.

Its Square Analytics shows sellers how their businesses are performing, and the Instant Deposit service sends funds from a sale immediately to a seller’s bank account. Square Reader is for magnetic stripe cards, EMV chip cards and NFC, which connects wirelessly to mobile devices.

The company also provides Square Capital, a financial service product, which provides merchant cash advances to prequalified sellers, as well as Square Customer Engagement, a marketing service product, and Caviar, a food delivery service. The analysts said this in their coverage of Square:

The company’s leading technology and growing Cash App ecosystem offer superior functionality and value to growing businesses, in our opinion. As a result, we view the company as positioned to take meaningful share in the $7 trillion domestic Electronic Payments market,

The SunTrust price objective is $80. The posted consensus target is $78, and shares closed Wednesday at $60.08 apiece.

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