Block price target raised to $100 from $80 at Argus

Argus raised the firm’s price target on Block to $100 from $80 and keeps a Buy rating on the shares. The company’s Q4 results showed an 8% improvement in gross payment volumes while the management has also raises its 2024 operating income outlook, the analyst tells investors in a research note. Over the long term, Block is taking advantage of the changing payments landscape, including the greater use of mobile devices for payments and the technological integration of different payment channels and also benefits from strong brand recognition, an expanding international presence, and the ability to provide merchants with end-to-end payment authorization and settlement capabilities, the firm added.