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  • 12/11/2017 06:19:52

    Square started with market perform rating at Cowen

    Analysts at Cowen initiated coverage of Square Inc. with a market perform rating on Monday. The analysts, led by George Mihalos, are upbeat about Square's efforts to expand beyond its traditional payment-processing business and into new areas such as payroll software and loans. Mihalos also sees room for Square to grow internationally, where many small- and medium-sized businesses don't yet accept electronic payments. However, he thinks Square shares look expensive after a considerable rally this year, assigning a price target of $36. "We believe Square's growth prospects are reflected in the current stock price and advise investors to wait for a more attractive entry point," Mihalos wrote. Square shares are up 0.4% in premarket trading Monday, and they've gained 179% so far in 2017. The S&P 500 Index has risen 18% this year.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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