Susquehanna Analysts said Tuesday that they believe Square is "fairly valued" with its initial offering price range of $11 to $13, though the price range puts it below its private valuation. With an expected 27 million shares to be sold, that price range would value Square at about $3.9 billion, below its $6 billion valuation as a private company. Though the analysts say the product is "disruptive" and should command a premium price, Square faces a lot of competition and hasn't proven its business model. "The company has yet to prove that it can turn the business profitable," the analysts say. Additionally, the analysts say they're concerned about Chief Executive Jack Dorsey's ability to focus on Square, given his role as CEO of Twitter as well.
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