Evercore ISI raised the firm’s price target on Block (XYZ) to $85 from $75 and keeps an Outperform rating on the shares. Block has “justifiably traded at a discount to a diversified comp group,” but Chime’s (CHYM) IPO provides investors with a more relevant and direct comp for Cash App, says the analyst, who argues that the current discount of about 50% is “too steep” with both Cash App and Square positioned well for more stable near-term results and medium-term acceleration.
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