Block Q3 had ‘far more incremental positives than negatives,’ says Jefferies

Jefferies does not expect “the debate around the stock to quiet,” but believes that Block’s Q3 report “supplied far more incremental positives than negatives,” the analyst tells investors. As Block “enters a new era of discipline,” an inflection to meaningful GAAP profitability is “on the horizon” and Block will exit the year growing gross profit nearly 20% year-over-year, says the analyst, who keeps a Buy rating and $60 price target on Block shares.