Square stock gains after analyst says selloff is overdone [MarketWatch]
Block, Inc. Class A, (SQ)
Last block, inc. class a, earnings: 2/26 04:05 pm
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Source: MarketWatch
Square stock gains after analyst says selloff is overdone Square Inc. shares SQ, -3.96% are up 1% in morning trading Monday after a pair of analysts chimed in on the payments stock. "Our 'worst case' [discounted cash flow model] assumes the adverse trends of the past week persist for several months, driving unprecedented slowdown in volume growth, contracting take rates, slowing Square Capital loans, and a temporary slowdown in Cash App momentum," Macquarie's Dan Dolev wrote. "Despite a slew of negatives, the DCF points to $55-60/share, or 50% upside. Our base case DCF is more upbeat, showing a target price of $78, as accelerating share gains post crisis can drive a rapid recovery in Square's fundamentals." He rates the stock at outperform and called the recent selloff overdone, with Square shares down 53% over the past month as the S&P 500 SPX, -4.54% has lost 32%. Also on Monday, Evercore ISI analyst Rayna Kumar upgraded the stock to in-line from underperform.
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