Why Square's Stock Is Trading Higher Today

Square SQ shares are trading higher after Credit Suisse maintained an Outperform rating on the stock and raised its price target from $170 to $175.

“Square should continue to see ARPU upside from an improving mix of Cash App customers, i.e., increasing attach rates of Cash Card, direct deposit adoption (off of a low base of less than ~2mm direct deposit users today), and a steady cadence of new features (e.g., Square Payroll direct deposit instantly into Cash App launched in September in addition to beta testing a consumer lending product),” said Credit Suisse in a note.

Founded in 2009, Square provides payment acquiring services to merchants, along with related services. The company also launched Cash App, a person-to-person payment network.

Square was trading 2.1% higher at $161.04 on Monday. The stock has a 52-week high of $170.61 and a 52-week low of $32.33.