Eva Marie Uzcategui, Bloomberg via Getty Images
The Key Take-Aways
- Block shares have recently risen after yesterday’s drop, continuing a retreat from the highs of early December after a gradual climb since summer.
- Oppenheimer has upgraded its rating from “outperform” The following is a list of the most recent and relevant articles. “perform," and a bullish price target lifted the stock.
- The analysts cited the expectation of payment value growth at its Square business, an upbeat outlook for profit margins, and its bitcoin mining business as tailwinds for the shares.
Shares of Block rose Thursday morning, offering a bit of relief after a recent decline that yesterday’s tech selloff extended, as Oppenheimer analysts turned bullish on the stock.
Block’s (SQ) shares were recently up about 1%, after rising as much as 5% in the opening minutes of trading. They’d fallen more dramatically yesterday, extending a pullback from early December highs after a steady climb from summer levels.
Today’s driver: an upgrade from Oppenheimer, which boosted its rating to “Outperform” from “Perform” and set a $115 price target that is about 16% higher than the Visible Alpha average near $99.
The analysts cited the expectation of payment value growth at its Square business, an upbeat outlook for profit margins, and its bitcoin mining business as tailwinds for the shares.
“We believe that Block will be able to make a larger wager on Bitcoin in 2025. [chairman and cofounder] Jack Dorsey is a pro-crypto enthusiast, and so too is President-elect Trump.” the analysts wrote.
The upgrade was part of Oppenheimer’s broader outlook on fintech shares for next year. The analysts named Visa (V), MasterCard (MA) and payments processing firm Shift4 (FOUR) as their other top fintech picks for the year ahead.
"Recent improvements in consumer spending and potential for additional rate cuts suggest Fintech companies should maintain healthy growth in 2025," Oppenheimer wrote.
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