BTIG analyst Andrew Harte keeps a Buy rating and $110 price target on Block (XYZ) while citing the company’s announcement that it received FDIC approval for Cash App Borrow consumer loans. The announcement is a prime example of the operational optionality that Square Financial Services – SFS – brings to Block, the analyst tells investors in a research note. The firm estimates that the company is poised to grow its gross profit by about 15% over the next two years while rapidly expanding operating margins as it continues to deepen relationships with Cash App users and Square merchants.
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