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Square Launches Two New Tools for UK Businesses

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Financial services and digital payments company Square, Inc. (SQ) has launched two new subscription-based tools in the U.K. — Square Marketing and Square Loyalty — to help businesses expand their sales.

Following the news, shares of the company appreciated marginally on Wednesday. The stock, however, pared its gains slightly to close at $254.70 in extended trade.

While Square Marketing is aimed at enhancing customer reach, Square Loyalty is aimed at retaining customers by setting up a customized loyalty program that rewards customers both in-store and online.

The Head of UK Marketing at Square, Lizzie Barclay, said, “It’s been a challenging couple of years for businesses and it’s more important than ever for sellers to stand out from competitors and see the impact on their business. We’ve seen the demand for tools like Square Loyalty and Square Marketing build up for a while and we’re delighted to be launching them into such an innovative and savvy market.” (See Square stock chart on TipRanks)

See Top Smart Score Stocks on TipRanks >>

Recently, Bank of America Securities analyst Jason Kupferberg reiterated a Sell rating on the stock. The analyst, however, raised the price target from $185 to $210, which implies downside potential of 17.8% from current levels.

According to the analyst, the drop in growth of the Cash App in the second half of 2021 with limited near-term tailwinds remains a cause of concern for the company. However, the acquisition of Afterpay can be beneficial for the company in the future.

The Wall Street community is cautiously optimistic about the stock and has a Moderate Buy consensus rating based on 18 Buys, 4 Holds and 1 Sell. The average Square price target of $316.95 implies that the stock has upside potential of 24.1% from current levels.

Square scores a 9 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations. Shares have gained about 43.6% over the past year.

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