Argus raised the firm’s price target on Block (XYZ) to $84 from $59 and keeps a Buy rating on the shares after its Q2 earnings beat. The company’s gross payment volume rose 10%, an acceleration from Q1’s 7% pace, with the company noting strength in food & beverage and retail, the analyst tells investors in a research note. A higher valuation multiple is warranted as operating margins expand and liquidity improves following S&P 500 index inclusion, the firm added.
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