Today’s Research Reports on Stocks to Watch: Square and PayPal
NEW YORK, NY / ACCESSWIRE / March 15, 2018 / Square shares soared to a near all-time high on Wednesday after an analyst from Nomura Instinet compared the stock to Amazon's early days. Shares of PayPal also closed higher despite any catalyst. It was last week that an analyst with Piper Jaffray discussed the company's cryptocurrency endeavors.
RDI Initiates Coverage on:
Square, Inc.
https://rdinvesting.com/news/?ticker=SQ
PayPal Holdings, Inc.
https://rdinvesting.com/news/?ticker=PYPL
Square, Inc. shares closed up 5.36% yesterday on about 22 million shares traded. Square was one of the biggest gainers on the NYSE on Wednesday and soared to a new high of $54.84 during intra-day trading. The big gains came on the heels of an analyst comparing the stock to the early days of Amazon. Nomura Instinet reiterated its "buy" rating on the stock and cited the company's "willingness to accept bitcoin for store payments." Analyst Dan Dolev wrote in a note to clients that was titled, "SQ Survey: Merchants say YES! To Bitcoin," --- "Like Amazon in its early days, we believe that little of Square's future revenue streams are currently visible. "The firm's survey "shows that 60% of the participating merchants (we note that we surveyed U.S. merchants only) would be willing to accept bitcoin in lieu of USD payment. This is particularly interesting given the volatility in bitcoin in recent months." Square shares have seen gains of 223% in the last 12 months.
Access RDI's Square, Inc. Research Report at:
https://rdinvesting.com/news/?ticker=SQ
PayPal Holdings, Inc. shares closed up 3.88% yesterday on about 14.2 million shares traded. It was a slow news day for the company but exactly a week ago, an analyst with Piper Jaffray weighed in on the company's potential cryptocurrency efforts. Analyst Jason Deleeuw of the firm remarked on the company's crypto-related patent filing that was made public not too long ago but filed back in mid-2016. According to Deleeuw, the filing was for an "expedited virtual currency transaction system," that would allow for cryptocurrency transactions to be faster by letting buyers and sellers trade private keys and not wait for transactions to be confirmed on the blockchain. The analyst wrote last week, "Bitcoin transactions are not confirmed until they are batched in a block and added to the blockchain." This can take as long as ten minutes. The fact that the filing was made almost two years ago, according to Deleewu, means that PayPal may have "de-prioritized" such efforts. He noted, "Still, we like that PayPal is exploring how to improve crypto asset accessibility." Shares of PayPal are up about 94% in the last twelve months.
Access RDI's PayPal Holdings, Inc. Research Report at:
https://rdinvesting.com/news/?ticker=PYPL
Our Actionable Research on Square, Inc. (NYSE: SQ) and PayPal Holdings, Inc. (NASDAQ: PYPL) can be downloaded free of charge at Research Driven Investing.
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SOURCE: RDInvesting.com
