Block price target raised to $75 from $70 at Wolfe Research

Wolfe Research analyst Darrin Peller raised the firm’s price target on Block (XYZ) to $75 from $70 and keeps an Outperform rating on the shares. Block’s last two quarterly reports brought incremental doubt from shareholders with them and shares are down 32% year-to-date, the analyst tells investors. However, the firm sees Block’s strategy creating value, with recent data-points pointing to Block as a share gainer with potential for multiple expansion and earnings upside, the analyst says. 78% of investors surveyed believe the company should buy back more stock, and “we agree,” the analyst added.