Mizuho Securities Reiterates Buy as Square (SQ) Announces Partnership with Apple (AAPL)

Mizuho Securities reiterated a Buy rating and $16.00 price target on Square (NYSE: SQ) following the company's announced partnership with Apple (NASDAQ: AAPL). Mizuho believes that Cash+Apple Pay should drive greater adoption of the Square Cash app. If users select Square Cash as their default payment method, we could see greater transaction frequency -- especially if users have their Apple Pay accounts linked to other services like Uber, iTunes, coffee shops, etc.

Analyst Neil Doshi commented, "Last night, Square CEO Jack Dorsey announced a new partnership with Apple, where Square Cash would be integrated with Apple Pay. Square Cash is the 11th most popular finance app in the iTunes App Store (after AmEx and Citi), and allows users to send cash to one another, and to purchase items from select merchants."

For an analyst ratings summary and ratings history on Square click here. For more ratings news on Square click here.

Shares of Square closed at $13.27 yesterday.

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