Square stock news for Friday has SQ stock on its way up today.
The reason behind the Square (NYSE:SQ) stock increase today has to do with an upgrade to SQ stock. This upgrade comes from Instinet analyst Dan Dolev. This has him placing a “Buy” rating on the stock.
The Square stock news for Friday doesn’t just include an upgrade. The Instinet analyst also put a new price target of $100 on the stock. This is a $10 increase over Dolev’s previous price target for SQ stock, reports MarketWatch
The $100 price target for SQ stock means that Dolev sees a fair bit of upside for the company. That price target is sitting 40% above the closing price for SQ stock on Thursday. It is also above the average price target of $82.66 from 35 analysts.
So why exactly is Instinet analyst Dan Dolev taking such a bullish stance on Square stock? This change comes after conducting a survey of 260 cash app users. The survey shows that the app is favored by users that earn $50,000 or less a year, TheStreet.com notes.
Dolev also notes in the Square stock news that he is expecting the company to experience higher sales growth. He also notes that there is plenty of engagement for the app across cash app services.
SQ stock was up 1% as of Friday morning and is up 24% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.
