Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Square Inc's (LON: SQ) stock is rallying on Thursday, with several analysts upgrading price targets for the stock in recent days.
The company announced its Q2 results and the acquisition of Afterpay this week, and Square shares up again on Thursday, rising 4.42% at $278.53 following Wednesday's 1.14% decline.
Here's what analysts have had to say on the stock…
BTIG analyst Mark Palmer said the Afterpay deal was a “significant, positive move” for Square that will “provide a meaningful boost to both of its ecosystems”. Palmer upgraded Square's price target to $320 from $295, reiterating a Buy rating.
Bernstein analyst Harshita Rawat believes Square's acquisition of Afterpay is a “game-changing” deal, stating that Afterpay addresses almost all major challenges Square faces in its ambitions to become a dominant payments ecosystem.
John Davis, an analyst at Raymond James, upgraded Square to Market Perform from Underperform on Tuesday, labelling the company's Q2 results as “impressive”. A better than feared Cash App GP growth and the Afterpay acquisition has changed the narrative, said Davis.
On Tuesday, Daniel Perlin at RBC Capital raised Square's price target to $312 from $305, maintaining an Outperform rating on the shares. Perlin said that Square's Cash App July trends suggest gross profit should be up 110% on a 2-year CAGR. He also labelled the acquisition of Afterpay as “strategic.”
Other notable upgrades included:
Tech stocks offer some of the best growth potential, but time and time again, traders and investors ask us “what are the best tech stocks to buy?” You've probably seen shares of companies such as Amazon and Netflix achieve monumental rises in the past few years, but there are still several tech stocks with room for significant gains. Here is our analysts view on the best tech stocks to buy right now
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