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Fly News Breaks for June 13, 2019
PYPL, SQ
Jun 13, 2019 | 05:46 EDT
Nomura Instinet analyst Dan Dolev says his proprietary Cash App versus Venmo tracker points to an improvement in Cash App downloads in May. Square's (SQ) Cash App downloads grew by 2.2M in May, with growth accelerating from 2.0M in April, Dolev tells investors in a research note. For PayPal's (PYPL) Venmo, 1.7M downloads in May was similar to April, adds the analyst. He says that after falling below average for two months, Cash App returned to its average of 400,000-500,000 more downloads than Venmo in May. The "upbeat" May download data bodes well for Square, contends Dolev, who reiterates a Buy rating on the shares with a $90 price target.
News For SQ;PYPL From the Last 2 Days
SQ
Mar 27, 2024 | 06:23 EDT
KeyBanc raised the firm's price target on Block to $95 from $80 and keeps an Overweight rating on the shares after it surveyed 100-plus SMBs in March 2024 who indicated a deceleration in IT spend growth in 2024.The firm cites a healthy market share lead among respondents using POS software and "consideration for SQ as a CRM tool."