Credit Suisse on Wednesday upgraded Square to outperform from neutral, forecasting a pickup in revenue that could propel shares of the electronic payment company 35 percent to $15 in the next 12 months.
"We believe Square's years of product investment and brand building put it ahead of the competition for integrated small business payments solutions and expect the company can sustain high 20% to mid-30% volume growth in the near to mid-term," equity analyst Paul Condra wrote in a note to clients.
Since Square went public last November at $9 per share, the stock has gone through a period of volatility, trading as low as $8.06 in February and as high as $15.91 in March. Shares of the company, whose CEO is Twitter chief John Dorsey, currently sit at around $12.
