SQ - Block Eyes Strong Growth Anticipates Q1 Wins and Expands Ambitions for 2024: BofA Analyst | Benzinga
BofA Securities analyst Jason Kupferberg reiterated a Buy rating on Block, Inc (NYSE:SQ) with a price target of $93.
The analyst said the company’s share underperformance ahead of its first-quarter earnings creates a compelling opportunity. Expectations are set for in-line first-quarter gross profit and an adjusted EBITDA that could exceed forecasts and positively impact the full year.
Kupferberg reiterated a Buy rating due to the platform’s scarcity value and attractive valuation, anticipating significant multiple expansion if Square achieves its 2026 “Rule of 40” targets.
The analyst expects in-line+ first-quarter results, and estimates for the second quarter appear reasonable. Last quarter, Square projected “at least” 15% gross profit growth for 2024, and ...