Block price target lowered to $103 from $115 at Raymond James

Raymond James analyst John Davis lowered the firm’s price target on Block (XYZ) to $103 from $115 and keeps an Outperform rating on the shares. XYZ reported “mixed” results, including a 3% adjusted EBITDA beat, though gross profit was slightly below Street estimates, the analyst tells investors in a research note. The FY25 gross profit guide for at least 15% growth and adjusted operating margin of 21% were both largely in line, although management’s guide for a rule of 35.5% is roughly 100 basis points below the Street, the firm says. Raymond James continues to see a favorable risk/reward.