Block price target raised to $100 from $60 at KeyBanc

KeyBanc raised the firm’s price target on Block (XYZ) to $100 from $60 and keeps an Overweight rating on the shares. The firm notes Block reported a healthy Q2 print with upside to both gross profit and adjusted operating income. FY25 guidance was raised in excess of Q2 upside with second half of the year commentary indicating a sequential acceleration in gross profit, though Q3 margin was guided below KeyBanc’s expectation on the ramping of Borrow and marketing spend.