Morgan Stanley raised the firm’s price target on Block (XYZ) to $72 from $71 and keeps an Equal Weight rating on the shares after the company “delivered the gross profit targets we think most were looking for” at its investor day, supported by positive enhancements across both the Square and Cash App segments. While the firm says after the event that it is “decidedly more positive” on several product and go-to-market developments, plus accelerated buybacks, it still views connected ecosystem and Bitcoin efforts as “low-return initiatives.”
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