Shares of Square Inc. SQ, +5.29% are up 4% in Wednesday morning trading after Guggenheim analyst Jeff Cantwell raised his price target on the stock to $100 from $75 and named the stock his new "best idea" in financial technology. The $100 target price is the highest listed on FactSet. Cantwell is upbeat about the company's ability to generate higher-than-expected subscription and services revenue, as well as its potential to capture more underbanked customers with its Cash App product. "We think Cash App will eventually expand into areas like consumer finance, investing, and cross-border money transfer, driving sustained high rates of revenue growth for Square," he wrote. Cantwell sees things like bitcoin BTCUSD, -0.13% trading and peer-to-peer transfers on the Cash app as use cases that "create stickiness" and ultimately position Square to roll out new features to a loyal user base. Shares are up 234% over the past 12 months, while the S&P 500 SPX, +0.36% has gained 19%.
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