BTIG Downgrades Square (SQ) to Sell; Rally Overdone on Bitcoin Frenzy

(Updated - November 27, 2017 7:09 AM EST)

(updated to add analyst comments)

BTIG downgraded Square (NYSE: SQ) from Neutral to Sell with a price target of $30.00.

Analyst Mark Palmer notes shares are up 259% this year thanks to a series of beat-and-raise quarters and, more recently, the buzz created by the company’s launch of a trial that enables some users of the Square Cash app to buy and sell Bitcoin.

Palmer believes Square's valuation already reflects emphatic and unimpeded growth while failing to factor in competitive, credit-related and macro risks that did not go away when some investors suddenly viewed its shares as a play on a trendy cryptocurrency.

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 $48.86 yesterday.

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