Square (SQ) PT Raised to $350 at Needham & Company on Afterpay Deal

August 2, 2021 1:01 PM EDT
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Price: $255.79 +0.27%

Rating Summary:
    32 Buy, 18 Hold, 3 Sell

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    Up: 7 | Down: 15 | New: 24
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Needham & Company analyst Mayank Tandon raised the price target on Square (NYSE: SQ) to $350.00 (from $310.00) while maintaining a Buy rating.

The analyst commented, "Last night, SQ announced that it has reached an agreement to acquire Afterpay (APT.ASX - Not Rated) in a $29 billion all-stock deal, helping SQ make a big-splash in the buy now/pay later space while also bolstering its international growth plans. The company also reported upbeat 2Q results, beating on the core Seller and Cash App revenue streams while coming in well above consensus on the bottom line due to positive operating leverage. Despite today's 10%+ rally in the shares, we remain positive on SQ given the building momentum in the Seller and Cash app businesses. In addition, we believe that the Afterpay deal will provide additional opportunities to enhance LT growth and profitability. We are reiterating our BUY rating and raising our target to $350."

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