Square shares rise after upgrade to overweight at Pacific Crest
Shares of Square Inc. rose 4.6% Monday morning after the stock was upgraded to overweight from sector weight at Pacific Crest. The analysts said they believe Square will see a "consistent series of positive fundamental surprises" in the next year, including opportunities from Square Capital and a possible exit of Caviar, Square's food delivery service. Overall the analysts have a bullish position on Square's digital payments leadership and believe it could see additional upside from international expansion, partnerships and software additions such as instant deposit. The analysts set a $15 price target. Shares of Square have gained 11% month-to-date, compared to the S&P 500's gain of 2%.
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