Block upgraded to In Line on better ‘financial discipline’ at Evercore

Evercore ISI analyst David Togut upgraded Block to In Line from Underperform with a price target of $80, up from $51. The analyst says the company’s new, long-term investment framework commits it to increased financial discipline. The "Rule of 40," representing the sum of long-term gross profit growth and operating income margin, commits management to a "step-function, long-term increase in investment discipline," the analyst tells investors in a research note.