In a report released yesterday, Trevor Williams from Jefferies maintained a Buy rating on Block (XYZ – Research Report), with a price target of $60.00.
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Trevor Williams’s rating is based on Block’s strategic advancements and product innovations. The introduction of Square Handheld, a new hardware device, is a significant update that enhances the company’s product lineup. This device, integrated with Square’s unified POS app, offers comprehensive payment functionalities and aims to improve in-store operations.
Furthermore, Block has made substantial improvements across various verticals, such as Food & Beverage, Retail, Professional Services, and Health & Beauty, which include new features like bar tab pre-authorization and enhanced inventory control. These enhancements, along with deeper integrations with third-party services like Uber Eats and DoorDash, are expected to drive merchant adoption and improve US Gross Payment Volume trends, supporting the Buy rating.
Williams covers the Technology sector, focusing on stocks such as Corpay Inc, Block, and Fiserv. According to TipRanks, Williams has an average return of -0.5% and a 50.25% success rate on recommended stocks.
In another report released today, KBW also maintained a Buy rating on the stock with a $70.00 price target.