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Benzinga
Benzinga
Business
Anusuya Lahiri

Here's Why Mizuho Is Bullish On Square Despite Apple's Latest Move

  • Mizuho analyst Dan Dolev reiterated a Buy rating on Block Inc (NYSE:SQ) with a $210 (105% upside) price target after Apple Inc (NASDAQ:AAPL) introduced Tap to Pay on the iPhone. 
  • The analyst views Apple's near-field communication move as potentially more long-term benefits for Block. 
  • Tap To Pay could further proliferate Block's two-sided commerce ecosystem on a broader and more global basis, Dolev notes. 
  • Related Content: Apple Fires Up Square Rivalry With Latest Feature
  • He sees potential for Apple helping to broaden the use and appeal of Block's software. 
  • He believes the adverse stock reaction suggests investors are misinterpreting that Block is the main target for Apple. 
  • Instead, opening up the Apple hardware can benefit the merchant acquirers with the best brand and lead with software like Block's Square, contends Dolev. 
  • The analyst thinks pure-play hardware providers, such as Ingenico or Verifone, could be more challenged by Apple's Tap to Pay.
  • Price Action: SQ shares traded higher by 1.48% at $103.80 in the premarket session on the last check Wednesday.
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