Square is testing a marketplaces solution for Eventbrite with more than $4B in annual volume; Square will only process in the U.S. portion of that, which represents about three-quarters of Eventbrite's total.
"An incremental $3B in volume would add about 350 basis points to 2019 TPV growth," Brendler wrote.
He also likes general trends in Square's subscription and services segment.
Separately, Bernstein analyst Harshita Rawat initiates Square at market-perform. "While we are constructive on Square's ability to drive above-market growth, we see less likelihood of material positive revisions," shew writes.
Previously: Square introduces invoice app; brings Stand to Japan (March 26)
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