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Credit Suisse: Square "Shaping The Evolution" of Crypto Industry

Published 07/23/2018, 08:45 AM
Updated 07/23/2018, 08:45 AM

Investing.com - Credit Suisse (SIX:CSGN) has upgraded Square (NYSE:SQ) and raised its stock price target for the mobile payments company, partly because of its foray into cryptocurrencies.

The Wall Street firm gave Square an outperform rating and jacked its 12-month forecast 80% to $81 a share.

Credit Suisse said cryptocurrencies are "not going away" and expects more commercial applications over time.

The firm said cryptos may be "a small opportunity currently," but Square is among a handful of companies "shaping the evolution of this industry."

Square launched Bitcoin trading on its peer-to-peer payment app Cash in January.

Company founder and CEO Jack Dorsey has called cryptos "transformational", and wants to expand their use in Square's services.

Square shares are up 150% in the past 12 months.

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