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

Mizuho analyst Dan Dolev reiterated a Buy rating on Block Inc SQ with a $210 (105% upside) price target after Apple Inc 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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