Wells Fargo upgraded shares of Square to outperform from market perform, citing overly negative sentiment that is close to inflecting.
"SQ's fundamentals remain strong, investor sentiment is overly negative and close to inflecting, and valuation is more attractive than it has been for some time," said Wells Fargo senior analyst Timothy Willi in a note to clients.
The firm upgraded Square's stock to outperform from market perform. Wells Fargo's target price is unchanged at $80. Square's stock closed at $58.51 on Wednesday. Square's stock has lagged the other payment processors dramatically in the past year. Square is down nearly 40% in the past 12 months, while Visa is up 17%, MasterCard is up 22% and PayPal is up about 16%. Despite the downtrend, Willi said sentiment around Square is overly negative given its strong fundamentals and improving valuation.
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