Square stock rockets to another new record high as Cash App enthusiasm builds

Square shares rallied more than 10% in Wednesday trading to close at another record high as enthusiasm builds for the company’s Cash App. MoffettNathanson analyst Lisa Ellis chimed in with an increasingly upbeat view of the Cash App’s potential Wednesday, raising her price target to $120 from $90. “We believe Cash App has a value proposition as a digital alternative to a traditional retail bank that resonates with a segment of consumers that value Cash App’s digital-first, user-centric design, and financial services centered on the principles of immediate money movement (e.g., P2P payments, instant deposit), and accessibility (e.g., fractional investing),” she wrote in a note to clients. Read More...