Square (SQ) PT Raised to $45 at Nomura/Instinet

Nomura/Instinet raised its price target on Square (NYSE: SQ) to $45.00 (from $33.00) while maintaining a Buy rating.

Analyst Dan Dolev sees further upside following YTD outperformance relative to the broader market. The analyst is expecting a "stellar" H2 and sees Adj. EBITDA reaching $145-150 million. Over the LT Dolev suspect the company's attractive total cost of ownership ought to result in a positive inflection in GPV growth which is his primary medium-term catalysts.

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