Block price target raised to $90 from $75 at Deutsche Bank

Deutsche Bank raised the firm’s price target on Block to $90 from $75 and keeps a Buy rating on the shares. The shares have started to regain some momentum after the company’s Q3 earnings print where it materially guided above Street estimates for operating income, the analyst tells investors in a research note. Within Cash App, the firm believes Square will be able to expand monetization rate above its core assumption of 1.43% through fiscal 2024 through growth in e-commerce led through Cash app pay and affiliate marketing, continued penetration of existing products and the future rollout of new products like a Cash App credit card. It remains bullish on the company’s long-term outlook.