Phillip Securities Upgrades Block to Buy and Raises Price Target to $96 Amid Post-Earnings Weakness

Tuesday, 14 May 2024, 14:37

An analyst at Phillip Securities upgraded Block amidst post-earnings weakness, projecting a target price of $96, which indicates a 35% upside potential. Despite initial mixed market reactions to Block's first-quarter earnings, the company showed solid growth and raised its EBITDA forecast. The analyst sees potential for Block to reach $96 if the economy strengthens and the company maintains its growth trajectory.

https://store.livarava.com/6b9498b5-1200-11ef-a6c2-63e1980711b2.jpg — Phillip Securities Upgrades Block to Buy and Raises Price Target to $96 Amid Post-Earnings Weakness

Phillip Securities upgrades Block to buy:

Phillip raises price target on Block stock:

Margin expansion observed from the company and Cash App's growth.
Positive financial results: Gross profit increased by 22% to $2.1 billion in Q1.
Adjusted EBITDA: Nearly doubled to $705 million with raised forecast for the year.

Wall Street analyst predicts Block can reach $96 based on the company's continued growth trajectory.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

Phillip Securities upgrades Block to buy:

Phillip raises price target on Block stock:

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