Square Jumps After Price Target Is Raised
Square gets a price target increase.

Square Inc. (SQ)  jumped 3.2% to $68.10 on Wednesday, June 20, after Rayna Kumar, an analyst with Evercore ISI, lifted the price target on the stock to $73 from $64. 

The boost followed a meeting with Square's chief financial officer, Sarah Friar, and two of the company's investor relations team members, Stacey Fineman and Nikhil Dixit. 

"Management emphasized Square's ability to win market share driven by its breadth of unique technology ... and a massive and growing addressable market," said Kumar in a note. 

"Over the last several quarters, Square's winning strategy has been displayed through its continued traction with large merchants through new omni-channel capabilities, stable take-rate and low transaction loss yield, while maintaining high merchant acceptance rates. Based on our meeting, we believe such trends will continue," Kumar said.

Square's use of technology is different than Venmo from PayPal Holdings Inc. (PYPL) .

"Square's approach to P2P differentiates from PayPal's Venmo, where Square utilizes Square Cash as a bank account given customer's hold an account balance and can utilize Square's debit card to make purchases. Square collects interchange on the debit card transaction and also offers a loyalty program, a newer concept for debit cards," the analyst said.

More from Markets

Everything You Need to Know About Closed-End Funds to Boost Your Portfolio

Everything You Need to Know About Closed-End Funds to Boost Your Portfolio

Dow Sinks on Trade Worries, Washington Turmoil

Dow Sinks on Trade Worries, Washington Turmoil

Sears CEO Eddie Lampert's Latest Idea to Save Dying Retailer Hints End Nearing

Sears CEO Eddie Lampert's Latest Idea to Save Dying Retailer Hints End Nearing

Why China's Currency Will Bounce Back

Why China's Currency Will Bounce Back

Why Crude Oil Could Spike to $100 Very Soon

Why Crude Oil Could Spike to $100 Very Soon