TD Cowen starts Block at Outperform, says recent pressure ‘overdone’

As previously reported, TD Cowen initiated coverage of Block with an Outperform rating and $59 price target. Block, the parent of Square and Cash App, “boasts a fundamentally differentiated ecosystem in Fintech,” contends the analyst, who sees the company’s ability to grow and integrate its solutions placing it “among the most likely to challenge industry norms.” Recent pressure on the shares has been “overdone” and negative revisions “have played out,” the analyst added.