Square Inc. (SQ) - Get Report shares were up 1.42% to $23.65 in early trading Wednesday after analysts at Mizuho assumed coverage on the electronic payment processor with a "buy" rating and $28 price target.
The price target represents a potential upside of 20% from the stock's previous closing price.
"Square is poised to successfully go upmarket and gain share from traditional payment processors through a growing bundle of services extending beyond payment processing," analyst Thomas McCrohan wrote. "Square is selling solutions, trust, and digital expertise otherwise unavailable today by the majority of payment processors that lead with single point card processing solutions."
What's Hot On TheStreet
The stock market may be overvalued: Now may be the time to pay extra attention to red-hot tech stocks such as Apple (AAPL) - Get Report and Facebook (FB) - Get Report . As TheStreet first reported Tuesday afternoon, asset valuations are somewhat "rich" by standard metrics, Federal Reserve Chair Janet Yellen said in London during a conversation about economic issues with British Academy President Lord Nicholas Stern. Yellen's comments on equity valuation and bank strength closely mirrored Fed Vice Chairman Stanley Fischer's from an IMF event held earlier in the day.
The iPhone has changed how you make money: TheStreet's Scott Gamm is out with a piece that will really get you thinking. Apple's iPhone will turn 10 years old on Thursday. The device not only turned Apple into one of the world's most valuable companies, helping to boost its stock price more than 700%, it also changed the way we invest and trade stocks Gamm points out.
In fact, the original iPhone -- and the current versions -- have an internal stocks app, allowing users to check the broader market indexes and individual stock prices. Having this in your pocket was a big deal 10 years ago.
"I think it's actually made the life for a typical investor much easier," Angelo Zino, an analyst with CFRA Research, told TheStreet. "I think they've been able to tap news flows much quicker."
Visit here for the latest business headlines.