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Citigroup's Peter Christiansen raised their price target on Block (NYSE: SQ) by 4.7% from $86 to $90 on 2024/05/06. The analyst maintained their Strong Buy rating on the stock.

Christiansen raised their estimates after reviewing Block's 2024/05/01-dated Q1 2024 print.

Now that the company's "earnings power potential" components are starting to materialize, the analyst sees a storyline "more suited to numerous expansions."

Earnings Report

For Q1 2024, Block reported:

• EPS of $0.85, which beat the Zacks Consensus Estimate of $0.62 and, by 112.5%, Q1 2023’s $0.40.
• Revenue of $5.96B, which beat the Zacks Consensus Estimate of 5.76% and, by 19.4%, Q1 2023’s $4.99B.
• Operating income of $250M.

Management guided:

For Q2 2024:

• Gross profit of $2.165B to $2.185B.
• Operating income of $305M to $325M.

For FY 2024:

• Gross profit of $$8.78B (previously $8.65B).
• Operating income of $1.3B (previously $1.15B).

Founder & CEO Jack Dorsey commented: “Historically and moving forward, our investment in Bitcoin transcends technology; it is an investment in a future where economic empowerment is the norm.

“This commitment drives our business into new territories, unlocking novel opportunities for our customers, and securing enduring value for you, our shareholders.”