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Square shares set to surge 49%: CLSA

A store owner swipes a credit card through a Square card reader plugged into an Apple iPad.
Yuriko Nakao | Bloomberg | Getty Images
A store owner swipes a credit card through a Square card reader plugged into an Apple iPad.

Shares of the payment processing firm Square may have reached a bottom because concerns about credit quality and insider selling of the stock are overdone, CLSA told clients on Monday, upgrading the stock to buy from outperform.

Since reaching a 52-week high at the end of March, Square is down more than 40 percent.

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