The popular acronym for large-cap tech stocks could soon have a new ring to it.

Square Inc. (SQ.N) should be the newest member of the FANG complex, Nomura Instinet wrote in a note to clients Tuesday, highlighting the fintech firm’s “buoyant” payment volume as well as its revenue and marketing trends. The analyst, who has a buy rating on San Francisco-based Square, raised his price by nearly 50 per cent to a Wall Street high of US$125.

“Similar to FANG stocks that have disrupted traditional markets with massive global TAMs, SQ’s fully cohesive solutions and rapid rate of innovation suggest that it is en route to disrupt the global payments ecosystem,” Nomura analyst Dan Dolev wrote in a report titled “Adding the ‘S’ to FANG(S).”

Square shares rose as much as 5.6 per cent to US$90.88 Tuesday. The stock has gained more than 160 per cent this year.

Dolev’s new target beats out recent boosts by two other analysts. Last week, Stifel and Evercore ISI increased their price objectives to what were, at the time, Wall Street highs of US$100 and US$101, respectively.

“But is SQ too expensive?” Dolev wrote. “Not when taking into account its stellar 45 per cent expected three-year revenue CAGR, which makes it screen more attractively than many payment peers and FANG stocks.”