BTIG analyst Mark Palmer raised the firm’s price target on Square to $295 from $220 and reiterates a Buy rating on the shares. The “extraordinary growth” of Square’s Cash App during the COVID-19 pandemic has demonstrated its relevance to to the tens of millions of unbanked consumers in the U.S., Palmer tells investors in a research note. He believes Cash App’s estimated 35M monthly average users brings opportunity for Square to increase engagement and monetization both in the U.S. and abroad. Palmer also views bitcoin as “another part of the low-cost customer acquisition machine” helping to drive Cash App’s growth.