Canaccord Genuity analyst Joseph Vafi maintained a Buy rating on Block today and set a price target of $80.00.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Joseph Vafi’s rating is based on Block’s impressive performance in the second quarter, where the company demonstrated significant gross profit acceleration, surpassing its guidance. This growth is attributed to the successful launch and traction of new products, such as the Cash App Card and Borrow product, which have gained substantial user engagement. The company’s strategic investments in product innovation are beginning to yield positive results, even in a challenging economic environment.
Furthermore, Block’s upward revision of its full-year guidance reflects confidence in continued profit growth, driven by higher gross payment volume (GPV) and the strength of its Borrow product. The introduction of features like Cash App Pools and AI-powered tools for Square sellers indicates a commitment to enhancing its ecosystem, which is expected to drive further growth. These factors collectively contribute to Joseph Vafi’s Buy rating for Block, with a price target of $80.
According to TipRanks, Vafi is a 5-star analyst with an average return of 30.8% and a 52.80% success rate. Vafi covers the Technology sector, focusing on stocks such as Circle Internet Group, Inc. Class A, Bullish, and Strategy.