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Square Inc: $SQ Analyst Actions After Earnings:
– Guggenheim raised to Buy from Neutral with $44 target.
– Wedbush maintained Neutral rating and $37 target.
– Citigroup downgraded to Neutral from Buy with $38 targetSquare $SQ Add Bitcoin cryptocurrency Buying Option to Money-Transfer Service
Square told website Tech Crunch late Tuesday that it’s letting Square Cash app users buy and sell Bitcoin via an exchange. Square Cash users cannot send the digital currency to other users of the money-transfer service
Square is “in an early-mover position as a mainstream fintech company providing cryptocurrency services,” Credit Suisse analyst Paul Condra said in a note to clients.
“We believe Square is aggregating the bitcoin of its users rather than creating individual private bitcoin addresses per user. This is similar to how the popular app Coinbase works. ” Condra said.
As of November, Coinbase reported having almost 12 million users, up from 7 million in June. Coinbase charges roughly 1.5% per bitcoin purchase.
Square Cash lets users send money to friends or family members via emails. Square Cash competes with Apple’s (AAPL) new person-to-person payment service and PayPal Holding’s (PYPL) Venmo service. Normally Square Cash users link a bank or credit card account to the smartphone app.
Square Inc NYSE: SQ · November 15, 1:04 PM EST 40.45 ▲ 0.71 (1.79%)
Great chart from @gotsanctuary for one of our favorite stocks $SQ
GotSanctuary @GotSanctuary
You’re so square, baby I don’t care
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