Block price target raised to $85 from $80 at Canaccord

Canaccord analyst Joseph Vafi raised the firm’s price target on Block (XYZ) to $85 from $80 and keeps a Buy rating on the shares. The firm said Block reported solid results in Q1 and a quarter after announcing a roughly 40% workforce reduction as it leans into AI, results showed no adverse effects. Against the backdrop of a tough macro and maturation in eCommerce payments, Block’s Q1 results show how focus and smart strategy are paying off.