Shares of fintech company Block (NYSE: SQ) rose today after Piper Sandler analyst Arvind Ramnani assumed coverage of the stock, with an overweight rating and price target of $83, according to reports.
Block's stock made gains early in the day and was up by 11.9%, as of 3:34 p.m. ET.
Ramnani mentioned in his investor note that Block has been adept at creating new businesses, including its crypto business, as well as tapping into large fintech markets. The analyst believes that Block's Square payments business has a total addressable market of $130 billion, and that its Cash App payment app is tapping into a $75 billion market.
Source Fool.com