Square (SQ) Bitcoin Buying Option Could Help Stock - Credit Suisse

Credit Suisse analyst Paul Condra said reports that Square (NYSE: SQ) could add a bitcoin buying option to Square Cash could help the stock.

In a statement, Square confirmed a TechCrunch report that it is allowing some users of the Square Cash app to buy and sell bitcoin.

Condra notes that while the function currently appears to only permit buying and selling of bitcoin via an exchange, they believe it could place SQ in an early-mover position as a mainstream fin-tech company providing crypto-currency services.

The firm maintained a Neutral rating and price target of $31 on SQ.

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 $39.74 yesterday.

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