Block upgraded to Outperform from Neutral at Baird

Baird analyst David Koning upgraded Block to Outperform from Neutral with a price target of $78, up from $62. Block is a "premier large-cap growth franchise with both profitability and net cash," Koning tells investors in a research note. The analyst believes the company will benefit from macro trends such as rising interest rates and inflation. After the shares declined down 61% in 2022, the analyst thinks sentiment can improve as Block’s growth "should remain good in 2023 and margins ramp."