Block price target raised to $61 from $60 at Truist

Truist analyst Matthew Coad raised the firm’s price target on Block (XYZ) to $61 from $60 and keeps a Sell rating on the shares. Following a pushback from investors against the firm’s launch of coverage with a Sell rating, which contends that investments in AI will help drive strong margin expansion in the coming years, the analyst makes incremental adjustments to the firm’s modeling of interest expenses and higher tax rates, Truist tells investors in a research note.