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Cash Helps Square Profit, Susquehanna Ups Price Target

Published 10/05/2020, 11:27 AM
Updated 10/05/2020, 11:28 AM

By Christiana Sciaudone

Investing.com --  Follow the cash. 

Square Inc (NYSE:SQ) is up 5% after Susquehanna analyst Jamie Friedman bumped its price target on the stock to $195 from $180, citing fast growth of Square Cash compared to pre-Covid times. The analyst reiterated a positive rating on the company.

Shares of the mobile payments company have soared 185% in 2020. They are currently trading around $177.74.

Record-high debit usage disclosed by the networks should help even if Square Cash is off its stimulus-driven highs, Friedman said, according to StreetInsider. 

"We forecast Cash gross profit growth of 174%," Friedman wrote in a note. "This is driven by ~150% growth in Subscript & Service revenues and added by transaction revenues in-line with LQ. We assume Bitcoin revenues and expenses net out to zero."

Square has 15 buy ratings, 10 holds and two sells.

 

Latest comments

I told myself twice to stay the course with this incredible company. First at $36 and felt $50 to $70 was realistic. Got out at $48 when the correction spooked me. Got back in at $102 or so and felt $150-$160 was realistic and panicked with the Trump covid positive. Both times were bad moves to sell! I felt in my gut way back at $36 This was a buy, hold, buy more hold, buy some more hold but went against my gut, fundamentals, personal experience and personal witness of the widespread use in a wide range of small businesses, persons, and the social medial conversations and first question people ask me when they need to send or pay me money. "Do you have CASH APP?" "Can I CASH APP you?" "Can You CASH APP me?" Tells it all. This company has an incredible eco-system, widespread use & acceptance, Brand recognition, and the benefit of covid exposing where purchasing and/or monetary transactions are going! If you own this I feel it's a long term hold and buy every dip! Don't panic like me!
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