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- Square blew past analysts’ expectations for third-quarter earnings, sending the stock up double digits on Friday.
- Citi, Cannacord Genuity, Needham, Mizuho and Susquehanna were among the Wall Street firms who increased price targets on Square following the beat.
- Despite the stock’s run-up this year and “rather elevated investor expectations,” the company managed to “beat by a mile,” says Moffett Nathanson’s Lisa Ellis.
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Twitter and Square CEO Jack Dorsey speaks during a press event at CES 2019 on January 9, 2019 in Las Vegas, Nevada.
Shares of Square surged 13% on Friday after blowing past Wall Street’s expectations for the quarter a day earlier.
The San Francisco-based payments company reported a 140% increase in net revenue to $3.03 billion in the third quarter. Adjusted earnings came in at 34 cents, more than double what analysts polled by Refinitiv expected.
The Square Cash app was a key driver
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Trade Desk (TTD) – Get Report shares soared Friday after the ad technology company received positive commentary from analysts following a strong earnings report.
Trade Desk traded at $836.07, up 29.16%, on Friday. The stock has jumped 219% year to date.
The company reported revenue of $216.1 million for the third quarter, up 32% from $164.2 million in the year-ago quarter. Net income totaled $41.2 million, or 84 cents a share, up from $19.4 million, or 40 cents a share.
Susquehanna Financial Group analysts raised their price target to $925 from $600, maintaining a positive rating. Trade Desk “put up an enormous quarter,” they wrote in a commentary. “We’re still at the beginning of the [connected TV] revolution, and it’s not too late to jump aboard this CTV rocket ship.”
Needham analysts have a buy rating and a $750 share-price target for Trade Desk. The company offered “strong