Block assumed with an Overweight at Piper Sandler

Piper Sandler analyst Kevin Barker assumed coverage of Block with an Overweight rating and $93 price target. Block is "very well positioned" to generate consistent revenue and earnings growth over the next several years due to increasing subscription-based revenue growth from Square customers, Barker tells investors in a research note. In addition, the company is enjoying "outsized" gross profit growth from Cash App as users increasingly utilize the app’s instant transfer capabilities, says the analyst.