Block price target raised to $70 from $65 at Truist

Truist analyst Matthew Coad raised the firm’s price target on Block (XYZ) to $70 from $65 and keeps a Sell rating on the shares. The success of Borrow is generating the majority of Block’s current re-acceleration in top-line growth, but the firm continues to be relatively cautious on the shares on the belief that the Street is not taking into account the impact of credit losses and the working capital needed for Block to grow their lending products at this robust pace, the analyst tells investors in a research note.