The firm said three recent job postings in the U.K. and Ireland may suggest that expansion into Europe may be coming sooner than expected, the Fly reports.
CLSA believes the company's recent partnership with Upserve will grow capital. It may also be a strategy by Square to receive incremental payment processing GPV without the usual upfront customer acquisition costs, the firm noted.
Upserve sells payments, analytics and marketing tools to local restaurants.
Square is a San Francisco-based payment processing company.
Yesterday, Square stock gained after Stifel Nicolaus upgraded shares to "buy" from "hold" due to growth optimism.