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Square has a large untapped opportunity to offer more services to the restaurant industry, according to one Wall Street firm.
Nomura Instinet reiterated its buy rating for Square shares, predicting the payment company's new offering called "Square for Restaurants" will thrive.
"The launch of Square for Restaurants marks Square's entry into the $650-700bn U.S. restaurant industry. We see at least ~30% potential upside to adj. revenue over a three-year period, a combination of payment processing revenue and cross-selling of ancillary software and services," analyst Dan Dolev said in a note to clients Thursday entitled "SQ for Restaurants Will Eat Everyone's Lunch."