Bank of America upgraded shares of Square to buy from neutral and raised its price target to $75 per share from $70 per share.
The firm upgraded shares of the payments company to buy from neutral, sending the stock up 3.4% to $64.70 per share in premarket trading on Tuesday. Bank of America also hiked its 12-month price target to $75 from $70, near 20% upside to Monday's closing price of $62.57 per share.
"Following significant underperformance in 2019, we see an attractive entry point in SQ," said Bank of America research analyst Jason Kupferberg in a note to clients Tuesday.
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