As Square (SQ) revenue growth decelerates this year from 60%+ at the end of last year to 30%+ when the year ends, investors will finally start looking at the valuation of the stock. One only needs to look at the comparison to PayPal (PYPL) to see where the vast discrepancy exists in the stock. Square now trades at ~70x '20 EPS estimates while PayPal trades at ~28x those same estimates. Square is growing a lot faster now, but the growth rates will merge towards the end of 2020. The likely outcome is multiple compression towards a P/E ratio of 40x. Square either stalls around $70 or trades down again to $50 where the stock might have more upside potential down the road. Disclosure: No position