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Square's stock surges after BofA says it's time to buy
Shares of Square Inc. surged 3.8% in midday trading Tuesday, after BofA Merrill Lynch analyst Jeff Kupferberg upgraded the credit card payments processing company, saying he now sees an "attractive entry point" and the significant underperformance last year and as investor sentiment remains "quite mixed." The stock rose 11.5% in 2019, while PayPal Holdings Inc. shares soared 28.6% and the S&P 500 ran up 28.9%. Kupferberg raised his rating to buy from neutral and boosted his stock price target to $75 from $70. He said there is "ample upside" to near-term earnings estimates now that initial 2020 guidance has been provided. The company said on post-earnings conference call with analysts in November that revenue growth is expected to be in the "low-30% range" in 2020. He said he believes revenue is the most important metric for the stock, and the 2020 guidance "looks conservative." He said Square is scheduled to host on March 18 its first analyst day since June 2017. "We believe this event could be a positive catalyst, as SQ will update longer-term financial targets," Kupferberg wrote in a note to clients.
https://finance.yahoo.com/m/6f06dff...8d84/square's-stock-surges.html?.tsrc=rss
Shares of Square Inc. surged 3.8% in midday trading Tuesday, after BofA Merrill Lynch analyst Jeff Kupferberg upgraded the credit card payments processing company, saying he now sees an "attractive entry point" and the significant underperformance last year and as investor sentiment remains "quite mixed." The stock rose 11.5% in 2019, while PayPal Holdings Inc. shares soared 28.6% and the S&P 500 ran up 28.9%. Kupferberg raised his rating to buy from neutral and boosted his stock price target to $75 from $70. He said there is "ample upside" to near-term earnings estimates now that initial 2020 guidance has been provided. The company said on post-earnings conference call with analysts in November that revenue growth is expected to be in the "low-30% range" in 2020. He said he believes revenue is the most important metric for the stock, and the 2020 guidance "looks conservative." He said Square is scheduled to host on March 18 its first analyst day since June 2017. "We believe this event could be a positive catalyst, as SQ will update longer-term financial targets," Kupferberg wrote in a note to clients.
https://finance.yahoo.com/m/6f06dff...8d84/square's-stock-surges.html?.tsrc=rss
