Square Falls Despite Bitcoin's Climb Above $51K

© Reuters.

By Liz Moyer

Investing.com — Square Inc (NYSE:) fell more than 3% on Wednesday despite praise from Wall Street.

Deutsche Bank (DE:)’s Bryan Keane raised his price target on the mobile payments app company to $330 from $255, calling the stock an “even better” recovery story this year. He rates it a buy. The new price target implies a 23% gain from the current price.

Part of Square’s story is . The company bought $50 million worth last year and allows users to buy it through its Cash App. Bitcoin smashed through $51,000 on Wednesday for the first time. It gained more than 300% last year. 

Square is up more than 231% over the last year. “We believe SQ was a recovery play in 2020, but even a bigger recovery story in 2021,” Keane said in a note.

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