UPDATE: Square (SQ) PT Raised to $320 at Citi on Improving Sentiment and Reopening
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- Square (SQ) Tops Q1 EPS by 25c
Citi analyst Peter Christiansen raised the price target on Square (NYSE: SQ) to $320.00 (from $265.00) while maintaining a Buy rating on expected sentiment improvement over the next 2-3 quarters from:
1) strong Cash App scale acceleration
2) an improving rate of recovery in the Seller business
The analyst stated "We expect good execution in 1Q, though the timing of stimulus / re-opening likely impacts 2Q more so – 1Q stored funds and the quarter ahead outlook should be the primary focus. We lift our TP from $265 to $320 on rising confidence for near term upward revisions and rolling-forward our “market expectations” model."
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