Square Rises as Raymond James Turns Slightly Less Bearish
Square
Shares of payment systems manager Square (SQ) - Get Report were rising 5% Tuesday to $77.12 after analysts at Raymond James ended their short thesis on the stock, raising their rating to market perform from underperform.
The firm is now bullish on the company's business-to-business seller card and believes that the company's third-quarter guidance could surprise to the upside.
"Specifically, we had concerns that the magnitude of the top-line beats would likely wane, and more importantly, the deceleration in 2Q19 organic growth could catch some investors by surprise," analyst John Davis wrote.
Davis also noted that while the company's performance has lagged its peers over the last couple of quarters due to second-quarter guidance that disappointed, those negative catalysts are in the company's rear view.
Year to date, the stock has risen nearly 40% as shares recover from a dip that saw their price fall to $62.