Anthony Noto's departure from Twitter could end up expanding Square CFO Sarah Friar's role at the payments company, Stifel analyst Scott Devitt wrote in a note Wednesday.

According to Devitt, Noto's departure will cause Jack Dorsey, who currently holds CEO positions at both Twitter and Square, to spend more time at Twitter and less at Square. As a result, Friar could have more management responsibilities at Square.

"It is likely that the events at Twitter will lead to a broad reassessment of Jack Dorsey's overall time spent and the possible elevation of certain deserving Square executives," Devitt wrote in the note. Friar "would seem to be the most logical Square executive beneficiary of Noto's departure from Twitter," he added.