UPDATE: Nomura/Instinet Upgrades Square (SQ) to Neutral

(updating comment)

Nomura/Instinet analyst Bill Carcache upgraded Square (NYSE: SQ) from Reduce to Neutral with a price target of $49.00.

The analyst comments "Uncertainty Remains Elevated but Reduce Rating No Longer Appropriate. SQ hosted an Investor Update call this afternoon, providing updates on QTD trends and the near-term shift in business strategy to navigate through COVID-19 headwinds. While it’s too early to ascertain the failure rate of SQ’s large SME customer base, we no longer believe a Reduce rating is appropriate given the 46% decline in shares from their February highs."

For an analyst ratings summary and ratings history on Square click here. For more ratings news on Square click here.

Shares of Square closed at $48.60 yesterday.

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