Square stock gains after Wells Fargo raises price target

MarketWatch - MarketPulse

Shares of Square Inc.
SQ, +2.40%
are up 3.4% in Thursday morning trading after Wells Fargo analyst Timothy Willi upped his price target to $60 from $42. He has a market perform rating on the stock. Looking at Square’s current customer base of merchants and Square Cash app users, Willi estimates that the company has a $9.3 billion revenue opportunity with its subscription and services offerings. However, he thinks the market opportunity is “much larger” when taking into account the likelihood that Square’s customer base “will grow substantially over time” and that the company will add new subscription and services products. “As such, we are increasingly confident in SQ’s ability to drive substantial growth in S&SB revenue for many years to come,” he wrote. Square shares are up 176% over the past 12 months, while the S&P 500
SPX, +0.04%
has gained 14%.


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