Piper Jaffray initiated coverage on mobile-payment service Square (SQ) Thursday, with a neutral rating and $10 price target, forecasting “better than expected” results for 2016.
“Our bear-bull one-year valuation range is about $8-$12.50,” the analysts led by Jason Deleeuw said in a Thursday report, citing hopes that Square will “evolve” its business model, which has been relatively stuck in a “secular trend of increasing payments complexity.”
