Block, the Technology sector company, was revisited by a Wall Street analyst today. Analyst Bryan Bergin from TD Cowen reiterated a Buy rating on the stock and has a $95.00 price target.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Bryan Bergin has given his Buy rating due to a combination of factors that highlight Block’s promising future. The meetings with Block’s Investor Relations have bolstered confidence in the company’s strategic changes and execution capabilities, particularly in accelerating the growth of Cash App and Square. This anticipated growth is expected to help Block achieve its Rule of 40 target by 2026, which combines gross profit and adjusted operating income margin.
Furthermore, Bergin believes that concerns about Block’s lending products will diminish as the company continues to communicate the benefits of its engagement strategies. The consistent performance expected in the latter half of the year is likely to drive the stock price higher. Additionally, the launch of new initiatives like Proto adds further potential for growth. Consequently, Bergin maintains his estimates and a price target of $95, reiterating a Buy rating for Block’s stock.
In another report released on August 15, Jefferies also reiterated a Buy rating on the stock with a $90.00 price target.