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Feb. 25, 2021, 9:34 a.m. EST

Square stock rises after Guggenheim upgrade

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By Emily Bary

Shares of Square Inc. /zigman2/quotes/205989440/composite SQ +1.75% are up 2.4% in morning trading Thursday after Guggenheim Securities analyst Jeff Cantwell upgraded the stock to buy from neutral, writing that the stock looks attractive after a 11.5% decline in the previous two trading sessions. Cantwell views that fall for the stock as "largely a near-term, momentum-driven negative reaction to this week's decline in the price of Bitcoin," as Square has invested in the cryptocurrency and allows Cash App users to buy and sell it as well through the platform. "[W]e believe Bitcoin is still in the early stages of a significant move higher (which should be positive for Cash App and positive for SQ's balance sheet)," Cantwell wrote. He's upbeat about other areas of Square's business as well, arguing that the seller business should continue to recover and that Square will likely see progress as it tries to bring its consumer and merchant ecosystems together more. Square shares have gained 14% over the past three months as the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.06% has risen 8%.

/zigman2/quotes/205989440/composite
US : U.S.: NYSE
$ 206.48
+3.56 +1.75%
Volume: 7.06M
May 18, 2021 1:38p
P/E Ratio
290.05
Dividend Yield
N/A
Market Cap
$92.40 billion
Rev. per Employee
$1.73M
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/zigman2/quotes/210599714/realtime
US : S&P US
4,160.99
-2.30 -0.06%
Volume: 1.32B
May 18, 2021 1:38p
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