Citi raised the firm’s price target on Block to $108 from $90 and keeps a Buy rating on the shares as the analyst took over coverage of the stock. In addition, the analyst added Block to the firm’s top call list, arguing that the company has re-focused and is starting to execute on initiatives following “a period of heightened investor scrutiny.” The product development engine seems to be improving, which is “the first step in greater end market resonance,” the analyst tells investors.
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