Square (SQ) Continues To Pull Away From Venmo - Nomura

Nomura/Instinet analyst, Dan Dolev, reiterated his Buy rating on shares of Square (NYSE: SQ) after his January payments app tracker indicated that Square's Cash App monthly downloads remained elevated at +2.0mn new downloads per month, up from an average of +1.9mn in 2018. This adds up to 45.3mn cumulative downloads vs. 41.2mn for Venmo indicating that the spread between the two reached an all-time-high of 4.2mn in January.

The analyst stated "At the current run-rate, we estimate that the Cash App could contribute nearly $100mn in adj. revenue or 3% of total adj. revenue by 2020. We remind investors that the Cash Card is the fourth-largest component within subscription and services-based revenue following Instant Deposits, Caviar, and SQ Capital, and the second-fastest grower following Instant Deposits".

No change to the price target of $110.

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 $71.75 yesterday.

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