Credit Suisse: Square "Shaping The Evolution" of Crypto Industry
Published Jul 23, 2018 08:45AM ET
Investing.com - Credit Suisse (SIX:CSGN) has upgraded Square (NYSE:SQ) and raised its stock price target for the mobile payments company, partly because of its foray into cryptocurrencies.
The Wall Street firm gave Square an outperform rating and jacked its 12-month forecast 80% to $81 a share.
Credit Suisse said cryptocurrencies are "not going away" and expects more commercial applications over time.
The firm said cryptos may be "a small opportunity currently," but Square is among a handful of companies "shaping the evolution of this industry."
Square launched Bitcoin trading on its peer-to-peer payment app Cash in January.
Company founder and CEO Jack Dorsey has called cryptos "transformational", and wants to expand their use in Square's services.
Square shares are up 150% in the past 12 months.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.