Block Stock: Why Are Analysts Raising Price Targets on XYZ Stock?

Shares of Jack Dorsey’s fintech firm Block (XYZ) have gained momentum this year, and Wall Street analysts are becoming increasingly bullish ahead of the company’s second-quarter earnings report on August 5.

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Several analysts have raised their price targets, citing improving execution and resilient consumer spending across Block’s two largest businesses: Square and Cash App. The company operates Square for merchant payment solutions and Cash App for consumer financial services.

Wall Street expects Block to report adjusted earnings per share (EPS) of $0.87, up from $0.62 in the prior year period. Sales are projected to rise 6.9% year-over-year to $6.47 billion.

Investors will closely watch the earnings report for signs that Square’s merchant business continues to grow and Cash App keeps attracting and engaging users. Investors will also watch Block’s Bitcoin (BTC-USD) business. The company lets Cash App users buy, sell, and transfer Bitcoin, while also holding Bitcoin on its balance sheet. Higher BTC prices and stronger trading activity could provide an additional tailwind for Q2 results.

Analysts Expect Another Strong Quarter

KeyBanc analyst Andrew Schmitt raised his price target on Block to $105 (37.3% upside potential) from $100 while reiterating his Buy rating. He expects the company to deliver another quarterly beat, supported by resilient consumer spending and continued product innovation. He added that Square’s merchant business and Cash App should benefit from strong user engagement and expanding financial services offerings.

Similarly, Cantor Fitzgerald analyst Ramsey El Assal lifted his price target from $88 to $95 and maintained his Buy rating. He believes Block is well positioned to outperform expectations thanks to improving trends in its Seller business, stronger monetization within Cash App, and continued growth of its Borrow lending product.

BMO Capital analyst Andrew Bauch kept his Hold rating while raising his price target from $78 to $85, implying 11.1% upside. Bauch noted that investor concerns following the company’s workforce reduction have eased after Block delivered better-than-expected first-quarter results. Yet, he cautioned that some recent tailwinds, including the expansion of Borrow and other temporary factors, may not prove sustainable over the long term.

Is Block Stock Worth Buying?

On TipRanks, XYZ has a Strong Buy consensus rating based on 27 Buys, three Holds, and one Sell rating. The average Block price target of $94.23 implies 23.2% upside potential from current levels. Year-to-date, XYZ shares have gained 17.5%.

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