Square stock gains after Citi upgrade
Shares of Square Inc. are up 3.3% in Tuesday morning trading after Citi Research analyst Peter Christiansen upgraded the stock to buy from neutral. "We think Square is a category leader in the democratization of [enterprise resource planning]-like software tools for [small- and medium-sized businesses] and potentially a player in developing banking tools for the next-generation consumer," he wrote. Christiansen is unfazed by the planned departure of Chief Financial Officer Sarah Friar. "We have no reason to believe Square's CFO departure relates to a negative change in the company's forward prospects - we think most would agree that Ms. Friar is of CEO-caliber and her pursuit of an outside CEO role is genuine," he wrote. "Given Square's category leadership and high profile, we do believe the company is well-suited to attract a highly talented CFO to help lead the company in its next phase." Christiansen lifted his price target to $90 from $67. Shares are down 18% over the past month, while the S&P 500 has slipped 5%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.