1 Wall Street Analyst Raises Block's Price Target by 46%: Here's Why He's Right.
The investing world stands up and takes notice whenever a company beats Wall Street's earnings estimates. After all, stocks trade on expectations of their future results, not trailing performance.
That explains the renewed investor and analyst bullishness for fintech stock Block (NYSE: SQ), which offered up quarterly and full-year profitability guidance that crushed the market's projections. More than a few analysts were quick to raise their price targets for Block with one at a top bank upgrading the stock to buy.
Wells Fargo's Andrew Bauch changed his recommendation on Block from equal weight (hold) to overweight (buy) the day after the company reported fourth quarter and annual earnings for 2023. With the change of recommendation came a significant increase in Bauch's price target -- from $65 to $95 per share.
Source Fool.com
