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SQ

Square

$69.29

0.93 (1.36%)

09:58
08/06/18
08/06
09:58
08/06/18
09:58

Square climbs after Buckingham upgrades stock on revenue acceleration

Shares of Square (SQ) are higher in morning trading after a Buckingham analyst upgraded the stock to Buy citing revenue acceleration. UPGRADE: On Monday, Buckingham analyst Chris Brendler upgraded Square to Buy from Neutral and raised his price target to $85 from $65 saying the strong results in the second quarter reduced his concerns about high valuation and competition and he thinks the quarter's "impressive acceleration" is sustainable. The analyst believes there is growing potential for the company in consumer lending, digital bank accounts and cryptocurrency and while he still has concerns about elevated expectations against a "no-room-for-error" valuation, he sees no reason why Square will not continue to report better-then-expected core revenue growth into 2020. In addition, Brendler said long-run adjusted EBITDA margins of 40%-50% justify a higher valuation. EARNINGS AND GUIDANCE: Last Wednesday, Square reported Q2 earnings per share of 13c on revenue of $385.4M, beating analysts' consensus estimates of 12c and $367.95M, respectively. The company also said it expects Q3 EPS of 8c-10c on revenue $407M-$412M, which compares to analyst estimates of 13c and $405.64M, respectively. In addition, the company guided to fiscal year 2018 EPS of 42c-46c on revenue of $1.52B-$1.54B, which compares to estimates of 46c and $1.53B, respectively. ANALYST VIEW: Following Square's earnings report, JPMorgan analyst Tien-tsin Huang raised his price target for Square to $60 and kept an Overweight rating on the shares, citing weakness strategy. He said he believes the story of the quarter was how subscription and services drove all the acceleration, driven by the adoption of newer products like Instant Deposit, Cash Card and Square for Restaurants. RBC Capital analyst Daniel Perlin raised his price target to $82 and kept his Outperform rating citing another quarter of accelerated revenue and an increase in gross payment volume, along with "relatively stable take rates, and better-than-expected hardware revenues." In addition, Stifel analyst Scott Devitt raised his price target to $76 from $72 noting that adjusted revenue and adjusted EBITDA exceeded the high-end of guidance and consensus forecasts and management raised its FY18 adjusted revenue growth guidance. Square's increased investment in key strategic areas should support higher levels of growth over the long term, added Devitt, who kept a Buy rating on the stock. Needham analyst Mayank Tandon also raised his price target to $75 and kept his Buy rating citing the company's 30% gross payment volume increase, stable transaction margins, and rising operating leverage boosting its adjusted EBITDA. Tandon said he believes that the growth story in the payments industry remains "open ended." Meanwhile, Morgan Stanley analyst James Faucette kept an Equal Weight rating and a $75 price target on the name saying strength in Subscription/Services revenue was key to revenue upside in Q2 and he sees this momentum as likely to continue in the near-term. However, he also believes the market may be over valuing "certain pieces," such as Instant Deposit and Square Capital. The company's upfront investment to pursue new and expanded opportunities could limit the stock's upside in the near-term, he said. PRICE ACTION: Square rose 2%, or $1.37, to $69.73 in morning trading.

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    Aug

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    Aug

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  • 28

    Aug

SQ Square
$69.29

0.93 (1.36%)

08/02/18
MSCO
08/02/18
NO CHANGE
Target $75
MSCO
Equal Weight
Square investments could limit near-term upside, says Morgan Stanley
Morgan Stanley analyst James Faucette said strength in Square's Subscription/Services revenue was key to revenue upside in Q2 and he sees this momentum as likely to continue in the near-term. However, he also believes the market may be over valuing "certain pieces," such as Instant Deposit and Square Capital. The company's upfront investment to pursue new and expanded opportunities could limit the stock's upside in the near-term, said Faucette, who keeps an Equal Weight rating and $75 price target on Square shares.
08/06/18
BUCK
08/06/18
UPGRADE
BUCK
Buy
Square upgraded to Buy from Neutral at Buckingham
08/06/18
MSCO
08/06/18
NO CHANGE
MSCO
Boeing, Tesla, Nvidia make Morgan Stanley 'key man risk' list
Morgan Stanley equity strategist Mark Savino noted that about 12% of CEO jobs among S&P 500 companies turned over in 2017, noting that this was the highest level of CEO departures since before the financial crisis. The 59 stocks of S&P 500 companies that had CEOs depart in 2017 underperformed the market by 11% over the next 12 months, or since the departure for instances that were less than 12 months ago, noted Savino. In cooperation with the firm's U.S. analysts, Savino and his team identified the companies in each sector they believe face the greatest level of "key man risk," which includes: Boeing (BA), Tesla (TSLA), ADT Inc. (ADT), Moody's (MCO), TransUnion (TRU), Arista Networks (ANET), Church & Dwight (CHD), Coca-Cola (KO), Monster Beverage (MNST), Coupa Software (COUP), Salesforce (CRM), FireEye (FEYE), MongoDB (MDB), Microsoft (MSFT), New Relic (NEWR), XPO Logistics (XPO), Hilton (HLT), Las Vegas Sands (LVS), Best Buy (BBY), Ulta (ULTA), Aflac (AFL), Athene Holding (ATH), Lincoln National (LNC), Arthur J. Gallagher (AJG), Chubb (CB), Amazon.com (AMZN), Activision Blizzard (ATVI), Facebook (FB), Alphabet (GOOGL), Apple (AAPL), Terex (TEX), Cleveland-Cliffs (CLF), Freeport McMoRan (FCX), FleetCor (FLT), Global Payments (GPN), Square (SQ), Jazz Pharmaceuticals (JAZZ), Cheesecake Factory (CAKE), Broadcom (AVGO), Nvidia (NVDA), Chegg (CHGG), DXC Technology (DXC), Medidata (MDSO), Pluralsight (PS), RealPage (RP), Shopify (SHOP) and T-Mobile (TMUS).
08/06/18
BUCK
08/06/18
UPGRADE
Target $42
BUCK
Buy
Square upgraded to Buy on revenue acceleration at Buckingham
As previously reported, Buckingham upgraded Square to Buy from Neutral and raised its price target to $85 from $65. Analyst Chris Brendler said the Q2 strong results reduced his concerns about high valuation and competition and said there is no reason why Square will not continue to report better-then-expected core revenue growth into 2020. Brendler said long-run adjusted EBITDA margins of 40-50% justify a higher valuation.

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BA

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GLD

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DZSI

DASAN Zhone

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REPH

Recro Pharma

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DZSI

DASAN Zhone

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Dow Jones Industrial Average

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SPDR S&P 500 ETF Trust

$279.37

-5.26 (-1.85%)

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CATS

Catasys

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USWS

U.S. Well Services

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ADIL

Adial Pharmaceuticals

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NAVB

Navidea

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BA

Boeing

$362.49

-10.2 (-2.74%)

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AAPL

Apple

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RIVE

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