Credit Suisse Starts Square (SQ) at Neutral
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Credit Suisse initiates coverage on Square (NYSE: SQ) with a Neutral rating and a price target of $12.00, saying valuation is full.
Analyst Paul Condra commented, "We are positive on SQ’s growth trajectory and the quality of its offering, but initiate at Neutral owing to a high valuation (41x 2017 EV/EBITDA) and the potential for near-term share dilution from stock options. While the strong growth deserves a premium, we believe investors may find better entry points if the stock is volatile."
Shares of Square closed at $11.34 yesterday.
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