Square stock (NYSE:SQ) was down more than 8% on Monday as a Wall Street analyst raised concerns regarding the company, which has been acting more like a traditional bank in recent quarters, but may not be able to deal with the same credit risks as that type of financial institution.

The payment services provider’s stock was falling hard to kick off the week as BTIG analyst Mark Palmer said that he’s worried about the company’s exposure to credit markets. He said that the company’s exposure to these markets could be negative affected by its most recent small business lending product.

“The market appears to be overlooking any risks to the company’s business model, and credit risk in particular,” Palmer wrote in a note to clients Monday. “Our bearish thesis on Square (SQ) is predicated in part on our view that the company’s increasing dependence on the extension of credit to its customers to spur its growth has made its business model increasingly vulnerable to volatility in the credit markets.”

Palmer believes that the move may increase the company’s vulnerability, pushing him to set a price target of $30 on the stock, which is about $64 below what Square was selling at Friday’s close.

Square stock fell more than 8.8% on Monday following the news.