Block price target raised to $90 from $60 at JPMorgan

JPMorgan raised the firm’s price target on Block (XYZ) to $90 from $60 and keeps an Overweight rating on the shares. Block’s addition to the S&P 500 Index adds “more positive energy” to the shares, the analyst tells investors in a research note. The firm estimates the addition should drive net indexer demand of 54.2M shares. The company deserves a higher valuation multiple given its recent product momentum and marketing efforts, and joining the S&P 500 helps, contends JPMorgan.