Nomura Instinet analyst Bill Carcache says that while Square last night reported a "solid" quarter, he's remaining cautious on the sustainability of its growth. Gross payment volume and transaction revenue growth continued at 25% year-over-year, Carcache tells investors in a post-earnings research note. However, the analyst remains cautious on Square's ability to move up-market in its seller business given still-decelerating GPV growth despite easier comps and elevated investment spending. Further, declining efficacy of investment spending adds to the longer term concerns, says Carcache, who keeps a Reduce rating on the shares with a $49 price target.

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