Why Square Shares Are Rising Today

Square Inc SQ is trading higher Tuesday after Atlantic Equities upgraded the stock from Neutral to Overweight.

Atlantic Equities analyst Kunaal Malde upgraded Square from a Neutral rating to an Overweight rating and announced a $300 price target, implying nearly 30% upside from current levels. 

The Atlantic Equities analyst thinks the company's growth prospects "remain substantial" as it continues disrupting consumer and business banking through "strong execution against a digital-first strategy."

Malde also cited "multiple monetization levers ahead" for Square's Cash App and opportunities for the company in the buy now, pay later space.

Square provides payment acquiring services and other related services to merchants.

SQ Price Action: Square has traded as high as $289.23 and as low as $151.10 over a 52-week period.

The stock was up 2.60% at $238.35 at time of publication.

Photo: courtesy of Square.