Bernstein raised the firm’s price target on Block (XYZ) to $90 from $75 and keeps an Outperform rating on the shares. The firm says Block is one of the most catalyst-rich names in its coverage, especially looking into the second half of 2025. Bernstein sees potential for improving numbers including Square GPV acceleration and Cash App monthly actively users’ growth. Valuation is undemanding at 23 times GAAP PE with 17% of the market cap as gross cash on the balance sheet. While Block is already a popular HF long trade, long-only involvement is lacking – but now potentially catalyzed by S&P 500 inclusion on 23 July, the firm adds.
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