Square Shares Rise After Upgrade To Outperform At Credit Suisse

Shares of Square Inc. climbed 5% Wednesday after the stock was upgraded to outperform from neutral at Credit Suisse following an earnings beat. The analysts said the company's third-quarter results, in which Square beat earnings and revenue expectations, show that Square is a scalable company that can comfortably reach a target price of $15. Square is ahead of the competition on small business payment systems, particularly because of its moves in payment electronification and simplification, the analysts said. They expect the company could see high 20% to mid 30% volume growth in the near or mid-term. Shares of Square have gained 15% in the past three months, compared to the S&P 500's loss of 2%.