Bernstein analyst Harshita Rawat raised the firm’s price target on Block (XYZ) to $90 from $75 and keeps an Outperform rating on the shares. The firm sees potential for improving numbers, and valuation is “undemanding” at 23x GAAP PE with roughly 17% of market cap as gross cash and the balance sheet. While Block is already a popular long trade, long-only involvement is lacking, but now potentially catalyzed by the inclusion on the S&P 500, the analyst tells investors in a research note.
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