Square Inc.'s peer-to-peer money-transfer app Square Cash could be worth $20 per share, according to an analysis from KeyBanc Capital Markets analyst Josh Beck. "We see the potential for $50 billion-plus of payment volume and $450 million of revenue out through 2022 that could create $20 per share of value," Beck wrote of Square Cash. His firm's data suggest " accelerating triple-digit growth for Square Cash" since the end of last year. KeyBanc's Beck has an overweight rating on Square's stock, and he raised his price target Tuesday to $70 from $55. The stock recently changed hands near $66 and is down 1.4% in premarket trading. Square shares gained 2.7% in Monday's session after the company said that it received a license to allow bitcoin trading on the Cash app in New York, which had been one of the few states holding out. The stock is up 174% over the past 12 months, while the S&P 500 is up 15%.