Guggenheim names Square its 'best idea' in fintech, sees revenue beating forecasts

Jack Dorsey, CEO of Square

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Jack Dorsey, CEO of Square

Even after payments company Square’s stock price quadrupled in a year, one analyst is betting that the shares are still cheap.

Guggenheim raised its price target to $100 from $75 Tuesday and named Square its “new best idea” and “highest conviction name” in fintech.

The new target is about 24 percent higher than Tuesday’s closing price. Shares have seen a 227 percent increase year over year, and this year alone, Square is up more than 136 percent.

Guggenheim Analyst Jeff Cantwell said in a…

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