Instinet analyst Dan Dolev raised his price target on Square (SQ) - Get Report  by $10 to $100 and placed a buy rating on the fintech company's stock. 

Based on responses from a survey of 260 cash app users, Dolev said he sees higher sales growth in the stock and praised the company's  increasing variety of services. He wrote in a note that Square could drive a "potential boost in sales growth, helped by growing deposit frequency, a price-inelastic user base, disruption of the prepaid card industry, and an impressive engagement across Cash App's plethora of services."

The survey also revealed Square is the preferred payment app for people who earn $50,000 a year. PayPal's (PYPL) - Get Report Venmo is the preferred choice of people with higher incomes.

According to Bloomberg, analysts have 17 buys, 16 holds and four sells on the stock.

The 35 analysts polled by FactSet have an average rating on Square of overweight with a price target of $82.66.

Square has a 52-week range of $49.82 to $101.15. The stock was up 1.14% at $72.10 on Friday.

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