Jefferies analyst Trevor Williams raised the firm’s price target on Block (XYZ) to $70 from $60 and keeps a Buy rating on the shares. The April update for Cash App growth having re-accelerated back to the low-teens gives the firm confidence that Q1 issues were isolated to behavior linked to tax refunds in March, rather than a major structural shift, and made clear the Q2 and updated fiscal year guidance now embed “meaningful conservatism,” the analyst tells investors.
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