Block price target lowered to $92 from $93 at BMO Capital

BMO Capital lowered the firm’s price target on Block to $92 from $93 and keeps an Outperform rating on the shares as part of a broader research note previewing Q3 earnings for Financial Technology names. Fintech stocks have underperformed both the Financial Select Sector SPDR Fund (XLF) and the S&P500 year-to-date, with significant dispersion in share price performance across the firm’s coverage universe, but the firm remains “broadly bullish” on the medium-term setup for Fintech stocks, with investors increasingly rewarding consistency of execution and credible top-line/gross profit acceleration narratives, the analyst tells investors in a research note. For Block, BMO adds that while it expects macro-driven concerns to persist post-quarter, the company’s ongoing efforts to rectify issues around product, reliability, onboarding, and distribution have set the stage for a GPV – gross payment volume – acceleration in 2025.