Block price target raised to $77 from $71 at BofA

BofA analyst Jason Kupferberg raised the firm’s price target on Block to $77 from $71 and keeps a Buy rating on the shares. Fresh messaging on profitability and an initial FY24 EBITDA outlook more than 20% ahead of the Street view is a “big positive” and given the sharp pullback in shares since early September, the firm was “not surprised” to see shares up significantly after-hours, the analyst tells investors. The firm raise its target multiple on the company’s enhanced profitability focus and more shareholder-friendly approach, driving its new price target, the analyst noted.