UPDATE: Square (SQ) PT Raised to $49 at Piper Jaffray
Piper Jaffray raised its price target on Square (NYSE: SQ) to $49.00 (from $45.00) while maintaining a Neutral rating following the company's 1Q earnings report. SQ posted revenue growth of 51%, beating consensus by 5%. Adjusted EBITDA/EPS of $36M/$0.06 compared to consensus of $34M/$0.06.
SQ reiterated its 2018 focus on omni-channel with its acquisition of Weebly, a San Francisco-based tech company that provides clients with tools to easily build professional websites and online stores. Weebly adds 625K paid subscribers, of which nearly 40% are outside of the U.S. helping to accelerate SQ’s global expansion.