Square drop steepens; SunTrust says exiting CFO bigger factor than CEO

|By:, SA News Editor

After-hours declines in Square (NYSE:SQ) are deepening, with the stock down 9.7% on postmarket volume that has crested 2.67M shares after news that CFO Sarah Friar is exiting to lead Nextdoor.

That's "not great," says SunTrust analyst Andrew Jeffrey; Friar has been more influential at the company than even CEO Jack Dorsey, he writes.

It will be tough to replicate Friar's ability to set investor expectations and her operational management, he says. He's advising investors to wait for a much more compelling entry point. (h/t Bloomberg)

He maintains a Hold rating on the shares and a $66 price target; the stock dropped 10% to $77.45 today and are quoting at $69.94 after hours.

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