Square (SQ) PT Raised to $75 at Morgan Stanley

Morgan Stanley raised its price target on Square (NYSE: SQ) to $75.00 (from $43.00) while maintaining a Equalweight rating. Analyst James Faucette sees good upward estimate revision potential in the near-term, which when combined with ~10% short interest, should allow SQ’s stock to remain strong over the course of our 12-18 month PT horizon.

Meetings in Washington, D.C., indicate that the odds that SQ is granted status as an Industrial Loan Company (ILC) by the FDIC are better than previously anticipated, as SQ’s message of facilitating greater financial inclusion is resonating widely and in some surprising spaces. Even though the timing of the ILC grant could be delayed somewhat given recent withdrawal of SQ's application, Faucette thinks SQ remains committed to it and that 2019 could still be a realistic goal depending on how quickly SQ is able to refile.

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