Rosenblatt analyst Kenneth Hill upgraded Square (SQ) to Buy from Neutral with a price target of $121, up from $69.

The stock closed Tuesday up $1.26 to $104.94.

The analyst sees the company's Cash App revenue increasing by more than three times over the next five years. Further, the stock's downside risks is limited with investors using recent pullbacks to gain exposure to this "long-term disruptive force," Hill tells investors in a research note.

As Square develops monetizes new services across the payments and financials ecosystems, it will" lay the groundwork to make the company a need-to-own name for years to come," says the analyst.