Block gets second upgrade today with Wedbush citing financial discipline

Wedbush analyst Moshe Katri upgraded Block to Outperform from Neutral with a price target of $90, up from $70. BTIG this morning also upgraded the shares this morning to Buy. Wedbush now has increased conviction in Block’s ability to post improving performance in its “weak” merchant segment. In addition to management’s positive decision last quarter to run the company with strict financial discipline and focus on GAAP earnings, accelerating growth in the merchant segment is another important catalyst for share performance, the analyst tells investors in a research note. Shares of Block are up 3% to $70.96 in premarket trading.