Why Square Stock Got Destroyed Today
Shares of Square (NYSE: SQ) have gotten destroyed today, down by 25% as of 1:30 p.m. EDT, as the coronavirus sell-off continues to wreak havoc on the market. The drop comes shortly after an analyst upgraded the stock to outperform.
Cowen boosted its rating on Square shares this week to outperform while adjusting its price target from $82 to $70. Analyst George Mihalos acknowledges that Square's business is disproportionately exposed to the coronavirus pandemic and the related shutdown of many small and medium sized businesses across the U.S. Over 40% of Square's revenue comes from consumer discretionary companies such as restaurants and retail locations, according to the analyst's estimates.
Image source: Square.
Source Fool.com