Many payments stocks are ‘defensive plays’ — but not Square’s, says analyst

Payments stocks including Visa Inc., Mastercard Inc., PayPal Holdings Inc. and Global Payments Inc. remain “defensive plays” in the current inflationary landscape, but Block Inc.’s stock carries risk, according to one analyst.

“Given... Payments stocks including Visa Inc., Mastercard Inc., PayPal Holdings Inc. and Global Payments Inc. remain “defensive plays” in the current inflationary landscape, but Block Inc.’s stock carries risk, according to one analyst. “Given [Square’s] micro/small merchant seller focus, volumes could swing more wildly in a downturn,” he said. “In Cash App we think revenue growth is likely slower than anticipated given [that the] mid-/low-income consumer is not likely to have significant stimulus funds” by the second half of 2023 or the start of 2024.

The recent surge in Block’s stock SQ could “evaporate,” in Gabriele’s view, given his stance that stocks haven’t yet bottomed.

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