As previously reported, Truist upgraded Block (XYZ) to Buy from Hold with a price target of $77, up from $72, following the company’s recent announcement of a 40% reduction in its workforce. The firm is shifting its tone to become more positive as it sees mid-to-high single digit upside to the Street’s out-year EPS forecasts coming from Cash App gross profit upside, better than expected margin expansion and buybacks, the analyst tells investors.
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