Block price target lowered to $86 from $94 at BofA

BofA lowered the firm’s price target on Block (XYZ) to $86 from $94 and keeps a Buy rating on the shares. While Gross Profit at $2.66B was a touch better than BofA and Street estimates, adjusted Net income was below consensus at $381M, the analyst noted. Block increased its full-year GP growth outlook and adjusted Operating Income view above the firm’s and Street estimates, adds the analyst, who expects Block will provide an initial 2026 outlook as part of its upcoming investor day on November 19.