Block price target raised to $90 from $70 at Truist

Truist analyst Andrew Jeffrey raised the firm’s price target on Block to $90 from $70 and keeps a Buy rating on the shares as part of a broader research note on FinTech names. After a strong Q4, the firm sees “more of the same” for the group as investors add exposure in a soft landing and press multiple expansion for fast-growing Digital FinTechs that are approaching profitability, the analyst tells investors in a research note. The near-term GPV growth outlook for the company remains relatively muted at just 10.6% in 2024, but Q1 should mark the trough growth period as Block cycles tougher compares and gains traction addressing more complex merchants, Truist added.