BTIG Downgrades Square (SQ) to Neutral
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BTIG downgraded Square (NYSE: SQ) from Buy to Neutral and removed its price target (prior $12.00). Analyst Mark Palmer thinks shares are fairly valued following a recent rally.
"We are downgrading Square Inc. (SQ) to Neutral (from Buy) and removing our price target of $12 following the achievement of that level. While we have been impressed by the company’s emphatic answers to questions about its ability to post profitable growth and to establish stable funding for Square Capital, its shares appear more fairly valued following an increase of almost 40% since June 27. As such, we are moving to the sidelines on SQ and would look to re-engage the name in the event of a pullback," said Palmer.
Shares of Square closed at $12.04 yesterday.
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