Block price target raised to $110 from $100 at Macquarie

Macquarie raised the firm’s price target on Block (SQ) to $110 from $100 and keeps an Outperform rating on the shares. The firm estimates Block’s Proto team’s supply of 3nm mining application-specific integrated circuit to Core Scientific (CORZ) represents 3% upside risk to its fiscal 2025 EBITDA on a pro forma annualized basis. The recent share strength alongside bitcoin bullishness suggests that bitcoin is increasingly taken positively as part of the Block story, the analyst tells investors in a research note. Macquarie incorporated the estimated contribution of the mining ASICs to its valuation, driving up the target.