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Square stock gains after Citi cheers ‘improving momentum’

Citi Research analyst Peter Christiansen reiterated his buy rating on Square Inc.’s stock on Friday, writing that the payments company is showing “improving momentum” across the business. “We observe that Square is delivering on accelerating the pace of product development,” he said, with 32 new products and features so far this year. Christiansen also likes Square’s business debit card, which he expects will increase sellers’ engagement with the Square platform. “We think the growth narrative improves if debit card spend is disclosed regularly, particularly in light of last quarter’s [gross payment volume] deceleration,” he wrote. Square shares are up 0.9% in premarket trading Friday, and they’ve gained 42% so far this year as the S&P 500 has risen 20%. 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.

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