Square (SQ) PT Raised to $18 at Barclays

Barclays raised its price target on Square (NYSE: SQ) to $18.00 (from $17.00) while maintaining a Overweight rating.

Analyst Darrin Peller comments "We believe the company’s strategy for growth in FY17 should continue to drive high-20%+ GPV growth and penetration into large sellers, through the following: 1) API/Build with Square opportunities (which management categorizes into website designers, ISV partnerships, and in-house developers), 2) geographic expansion (including new product introductions, and whitespace in Europe), 3) and SQ for Retail app ($700bn SMB retail TAM). We see the potential for meaningful expense leverage in FY17 and note that guidance implies ~550bps of margin expansion, which we view as conservative."

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