Block Inc. Receives Price Target Boost of 18.8% from KeyBanc Analyst Alex Markgraff

KeyBanc's Alex Markgraff raised their price target on Block (NYSE: SQ) by 18.8% from $80 to $95 on March 27, 2024. The analyst maintained their Strong Buy rating on the stock.

The decision to raise the price target follows Markgraff's channel checks of 100 small and medium-sized businesses (SMBs) conducted in March 2024. The results of these checks revealed a slowdown in the growth of IT expenditures for the year. However, KeyBanc's checks also showed that Block Inc. had a healthy market share lead among respondents using Point-Of-Sale (POS) software and that there was consideration for Block as a Customer Relationship Management (CRM) tool.

In addition to the price target increase, Markgraff also maintained the Strong Buy rating on Intuit Inc. The price target for Intuit Inc. was raised by 2.9% from $700 to $720. Markgraff's positive outlook on both Block Inc. and Intuit Inc. suggests confidence in their future performance.

It is worth noting that 100% of top-rated analysts currently rate Block Inc. as a Strong Buy or Buy. None of the analysts see it as a Hold, and there are no recommendations to sell the stock. This consensus among top-rated analysts indicates a positive sentiment towards Block Inc.'s prospects.

Looking at Block Inc.'s stock performance, it has shown strength since its last quarterly report on December 31, 2023. The stock price has increased by 7.5% during this period. Furthermore, on a year-over-year basis, the stock has seen impressive growth of 29.2%. However, it is important to note that despite these gains, Block Inc. is slightly trailing the S&P 500, which has grown by 32% during the same period.

Analyzing Alex Markgraff's credentials, the analyst is ranked in the top 29% of Wall Street analysts by WallStreetZen. With an average return of 15.5% and a win rate of 66.7%, Markgraff specializes in the Technology, Industrials, and Financial Services sectors. These credentials indicate a level of expertise and knowledge that adds credibility to their analysis and recommendations.

Block Inc., formerly known as Square, Inc. until December 2021, provides platforms that enable sellers to accept credit card payments. The company offers various products and services, including reporting, analytics, next-day settlement, and hardware products such as Magstripe readers and contactless and chip readers. Block Inc. also offers Cash App, a platform that allows users to send, spend, and store money, as well as Afterpay, a buy-now-pay-later solution. Additionally, the company provides website hosting and domain name registration through its Weebly product. With a developer platform that includes application programming interfaces and software development kits, Block Inc. offers an extensive range of tools and solutions.

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WallStreetZen and Don Francis do not hold any positions in the companies mentioned in this article. The information and statistics provided herein are presented for general informational purposes only and may not be accurate, complete, or up-to-date. It should not be interpreted as a recommendation to buy or sell any stocks and should not be solely relied upon for making investment decisions. It does not take into account your financial situation or risk profile. All investors should conduct their own investment due diligence before buying a stock. WallStreetZen expressly disclaims any liability for the accuracy, reliability, or completeness of the analysts' information, price targets, ratings, or opinions.