Truist analyst Andrew Jeffrey raised the firm’s price target on Block to $105 from $85 and keeps a Buy rating on the shares as part of a broader research note on FinTech names. The analyst believes that investors should focus on relative 2022 FinTech outperformers but also contends that "a catalyst is needed" for relative 2023 outperformance and sees M&A as the most likely valuation driver. Jeffrey adds that Block’s gross payment volume growth will accelerate to 32% from 22% in 2022 – above the Street’s 20% forecast – as he expects consumer behavior to normalize relative to last year.
Published first on TheFly
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