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Why Square Stock Got Clipped Today
Shares of fintech powerhouse Square (NYSE: SQ) had dipped 3% as of noon ET on Friday, despite receiving a generally positive endorsement from investment bank Jefferies today. In a note covered on TheFly.com today, Jefferies argues that Square stock is a buy and deserves a target of $240 per share, because all the bad news from Square’s November earnings report is now baked into the price, and the stock looks “catalyst-rich in 2022.” The bad news: Jefferies thinks that monthly active users of Square’s Cash App are growing more slowly than previously expected, and points to “commentary from management” indicating a downside in the growth rate in the fourth quarter of 2021.
