Shares of digital-payment processor Square (SQ) - Get Report gained on Thursday after the company received an upgrade from analysts at Wells Fargo Securities, the third upgrade from a Wall Street research firm in as many weeks.
Shares of Square were up 3.35%, or $1.96, at $60.47 in premarket trading Thursday after Wells Fargo Securities analyst Timothy Wayne Willi upgraded his recommendation to outperform from market perform, and raised his price target on the stock to $80.
In a research note to clients, Willi pointed to the company's strong fundamentals and investor sentiment that is "overly negative and close to inflecting," with "most, if not all" of investors' concerns already reflected in Square's share price and valuation.
The upgrade followed two other research firms' upbeat assessments on Square. Analysts at both MoffettNathanson and SunTrust Robinson Humphrey earlier this month upgraded Square to buy from hold.
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