UPDATE: Square's (SQ) Afterpay Acquisition Brings the company One Step Closer to the Future of Banking, PT Raised to $365 at Truist Securities

August 2, 2021 2:25 PM EDT
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Price: $248.80 --0%

Rating Summary:
    32 Buy, 18 Hold, 3 Sell

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    Up: 8 | Down: 8 | New: 9
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(Updated - August 3, 2021 6:17 AM EDT)

Truist Securities analyst Andrew Jeffrey raised the price target on Square (NYSE: SQ) to $365.00 (from $325.00) on the belief that the Afterpay acquisition brings the company one step closer to becoming the future of banking.

The analyst reiterated a Buy rating, stating "We view Square as the future of consumer banking, and the proposed $29b Afterpay acquisition accelerates this agenda. We anticipate that BNPL integration will improve Seller engagement and monetization by offering an emerging tender type. In addition, the ability to service BNPL loans via Cash App will bolster inflows, driving stickiness, spend and gp $ growth, in our view. Our new C21/C22 gp$/EBITDA ests: $4,417m/$868m and $6,333m/$1,195m (Prior $4,240m/$793m and $6,191m/$1,233. Street $4,259m/$890m and $5,478m/$1,248m)."

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