Stifel upgraded Square (NYSE: SQ) from Hold to Buy with a price target of $55.00 (from $46.00).

Analyst Scott Devitt comments "We strongly support Square’s decision to reinvest in key strategic areas as we believe this will ultimately support higher levels of growth over the long term and effectively widen its competitive position."

For an analyst ratings summary and ratings history on Square click here. For more ratings news on Square click here.

Shares of Square closed at $48.66 yesterday.