Square (SQ): Notes From Square Keynote - Jefferies
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Jefferies analyst, Jason Kupferberg, reiterated his Buy rating on shares of Square (NYSE: SQ) after hosting Square at the Jefferies Payments Summit.
The analyst stated "SQ continues to successfully push upmarket, while driving increased traction with ancillary offerings (Square Capital, Invoices, Instant Deposit, etc) and maintaining stable overall take rates. We also continue to see significant long-term margin improvement potential, and opportunities for further geographic expansion".
According to SQ, the payback period for a given seller cohort remains 4-5 quarters, transaction margin is likely to remain consistent (despite the increased focus on larger merchants), and they should be able to take advantage of a large variable component of operating expenses to increase margins.
No change to the price target of $15.00.
Shares of Square closed at $11.78 yesterday.
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