Block price target raised to $73 from $65 at Morgan Stanley

Morgan Stanley analyst James Faucette raised the firm’s price target on Block (XYZ) to $73 from $65 and keeps an Overweight rating on the shares. The firm, which modestly increased its Cash App estimates to account for a resilient macro backdrop and adjusted its sum-of-the-parts view to account for a rerating among peers, still sees room for upward estimate revision at Block. However, within the fintech banking group, the firm maintains its preference for Chime (CHYM), where it sees better upside as it has observed better execution, more consistent product development, and better attach of primary account relationships among Chime’s customers versus Cash App, the analyst added.