Stifel Nicolaus Believes Square Inc (NYSE: SQ) Won’t Stop Here

By Jason Carr

Stifel Nicolaus analyst Scott Devitt reiterated a Buy rating on Square Inc (NYSE: SQ) today and set a price target of $23. The company’s shares closed yesterday at $20.34, close to its 52-week high of $20.69.

According to TipRanks.com, Devitt is a top 100 analyst with an average return of 19.4% and a 73.7% success rate. Devitt covers the Technology sector, focusing on stocks such as IAC/InterActiveCorp, Informatica Corp, and LendingClub Corp.

Currently, the analyst consensus on Square Inc is Strong Buy and the average price target is $20.50, representing a 0.8% upside.

In a report issued on May 3, RBC Capital also reiterated a Buy rating on the stock with a $21 price target.

Based on Square Inc’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $462 million and GAAP net loss of $15.09 million. In comparison, last year the company earned revenue of $379 million and had a GAAP net loss of $96.76 million.

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Square, Inc. engages in the provision of credit card payment processing solutions. The firm offers additional point-of-sale services, financial services, and marketing services. The was founded by Jack Dorsey and Jim McKelvey in February 2009 and is headquartered in San Francisco, CA.