Fly News Breaks for January 10, 2020
SQ, PYPL, GPN
Jan 10, 2020 | 08:31 EDT
Stephens analyst Brett Huff upgraded Square (SQ) to Overweight from Equal Weight with a price target of $78, up from $71, as he expects the company to beat revenue expecations and meet EBITDA expectations when it reports Q4 results. He also sees the company issuing in-line FY20 guidance and believes margin expectations have already been reset while the market is underestimating pricing benefits. His upgrade came in tandem with his Payments preview for Q4 and Huff named PayPal (PYPL) and Global Payments (GPN) as the longs ideas he likes best now. He thinks PayPal's holiday trends were robust and sentiment has become more positive while for Global Payments he expects upward estimate revisions and accretive M&A "soonest" among the "megadeal stocks" in the space.
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