Analysts Coverage Change:
- Wolfe Research (RANK #42) maintains their “Outperform” rating for Block Inc. and increases the target to $90 from $87.
- Needham & Company (RANK #30) maintains a “Buy” rating and lowers the target to $80 from $95.
- Wells Fargo & Company (RANK #10) lowers their target for (SQ:NYE) to $105from $108.
- Keefe, Bruyette & Woods (RANK #68) maintains their “Market Perform” rating and lowers the target to $70 from $75.
- KeyBanc Capital Markets (RANK #23) maintains their “Overweight” rating and lowers the target to $75 from $85.
- Canaccord Genuity (RANK #20) maintains their “Buy ” rating and lowers the target to$90 from $150.
Block Inc. News:
Block Inc, the San Francisco-based fintech company, reported on Thursday, a rise in its revenue for the first quarter of 2023. The increase is attributed to the growth of its popular payment platform, Cash App. The company’s total net revenue for the first quarter ending March 31 was $4.99 billion, which is a 26% rise from the same period in the previous year, surpassing analysts’ estimates of $4.59 billion.
The company’s gross profit also saw a significant rise of 32% to $1.71 billion in the first quarter. Block Inc’s payment platform Cash App has been instrumental in driving the company’s growth. The app facilitates peer-to-peer payments, enables trading in cryptocurrencies, and offers merchant payment services.
Investors have been keeping a close eye on Block Inc’s revenue, following the disclosure in March by short-seller Hindenburg Research of its short positions in the firm. However, the positive results reported by the company have eased some of the concerns among investors.
The rise in Block Inc’s revenue can be attributed to its ability to provide a seamless payment experience to its users. With the rise of digital payments, more people are using payment platforms like Cash App, which offer a quick and secure way to make payments. The app’s ability to facilitate cryptocurrency trading has also been a significant driver of growth for the company.
Block Inc Stock Forecast:
The average analyst target price for Block Inc stock over the next 12 months is USD 89.84 and the average analyst rating is Strong Buy. However, Stock Target Advisor‘s own analysis is Neutral, based on 5 positive and 5 negative signals. Block Inc’s stock price at the last closing was USD 60.43, with a change of -0.25% over the past week, -12.22% over the past month and -43.41% over the last year.