Block Gets Price Target Bumps From Analysts After Strong Sales

Block Inc SQ posted upbeat sales results for its fourth quarter.

Block said fourth-quarter revenue increased 14% year-over-year to $4.65 billion, which beat average analyst estimates of $4.6 billion. The company reported quarterly earnings of 22 cents per share, which missed consensus estimates of 30 cents per share.

Block shares jumped 7.7% to close at $179.00 on Wednesday and lost 1% in pre-market trading.

These analysts made changes to their price targets on Block after the company released quarterly results.

• Needham raised the price target on Block from $80 to $95. Needham analyst Mayank Tandon maintained a Buy rating on the stock.
• Evercore ISI Group boosted Block price target from $51 to $80. Evercore ISI Group analyst David Togut upgraded the stock from Underperform to In-Line.
• Wolfe Research increased the price target on the stock from $80 to $95. Wolfe Research analyst Darrin Peller maintained the stock with an Outperform rating.
• Morgan Stanley increased the price target on the stock from $67 to $72. Morgan Stanley analyst James Faucette maintained the stock with an Equal-Weight rating.
• Baird increased the price target on the stock from $85 to $92. Baird analyst David Koning maintained the stock with an Outperform rating.
• Wells Fargo increased the price target on the stock from  $96 to $105. Wells Fargo analyst Jeff Cantwell maintained the stock with an Overweight rating.
• Credit Suisse boosted Block price target from $95 to $105. Credit Suisse analyst Timothy Chiodo maintained the stock with an Outperform.

Now Read This: Wall Street's Most Accurate Analysts Say Hold These 3 Healthcare Stocks Delivering High-Dividend Yields