- Atlantic Equities analyst Kunaal Malde upgraded Square Inc SQ to Overweight from Neutral with a $300 price target, implying a 29.11% upside.
- The company's growth prospects "remain substantial" as it continues disrupting consumer and business banking through "strong execution against a digital-first strategy," Malde notes.
- Square's Cash App is a leading brand with network effects, innovates quickly, and has "multiple monetization levers ahead," Malde says.
- Further, Malde says the Afterpay acquisition adds incremental growth opportunities for Square in buy now pay later and commerce.
- Malde recommends taking advantage of the recent pullback in the stock.
- Price Action: SQ shares traded higher by 1.70% at $236.29 in the premarket session on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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