Square’s Cash App offers peer-to-peer money-transfer services for free but makes money when users spend funds through an associated debit card.

Square Inc. is seeing further momentum with its Cash App, and that could help power the stock to $300, according to Mizuho analyst Dan Dolev.

Dolev raised his price target on Square’s stock to $300 from $225 in a Thursday note to clients, becoming the most upbeat analyst covering Square
among those tracked by FactSet. The stock was up 3% in Thursday morning trading.

The Cash App is Square’s mobile wallet that lets people send money to friends, buy and sell bitcoin, and invest in equities. The basic money-transfer features put the company up against PayPal Holdings Inc.’s
Venmo, but Dolev said that the Cash App seems to be making inroads in areas that are more typically Venmo strongholds.

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