Why Block Shares Are Trading Higher Today

Shares of Block Inc SQ are trading higher today after KeyBanc Capital Markets maintained its overweight rating for Block, and raised its price target from $175 to $180 a share, according to data from Benzinga Pro

“Block is well-positioned to benefit from a shifting FinTech industry landscape that favors two-sided ecosystem synergies, BNPL-driven commerce, SuperApps, and crypto optionality, thus we continue to recommend SQ as a key idea,” Keybanc said in its note. 

Why It Matters: Block shares opened at around $137 a share, before rising to more than $141 a share, good for a 6% increase. Block, formerly Square, runs and operates payment operating systems for thousands of small and medium businesses, and also owns CashApp. CashApp is a popular money-transfer service provider and Venmo’s biggest competitor. 

Block, like its peer Paypal Holdings Inc PYPL, were high-flying stocks through the post-COVID rally, but have since given up a lot of their gains. Block reached highs of nearly $290 in the fall of 2021, before crashing all the way down to $83 a share. 

Since reaching its lows of around $83 a share, Block’s stock has bounced back more than 40% to the $140 level it is trading at today. If Block does reach Keybanc’s price target of $180 a share, it will be good for about a 30% increase from today’s price. 



 

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