Oppenheimer sees 32% upside in Block shares, upgrades to Outperform

Investing.com12-19 22:05

Investing.com -- Oppenheimer analysts hiked their Block Inc (NYSE:SQ) stock rating to Outperform from Perform and set a new price target of $115, suggesting a 32% upside potential from the Wednesday ...

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This financial benchmark combines gross profit growth and adjusted operating income margin, with Oppenheimer expecting a significant margin expansion of 500 or more basis points (bps) next year.\n“Block continues to keep a 12,000-employee cap in place, focuses on reduction of corporate overhead expenses and looks for structural cost improvements though its partner ecosystem,” Oppenheimer analysts noted.\n“Given we estimate 16% gross profit growth from both Square and Cash App, and assume a 24% adjusted operating income margin, we forecast Block will achieve its Rule of 40 target in 2025, one year ahead of schedule.”\nThe firm also highlights Block's potential in the Bitcoin space, fueled by the enthusiasm of Jack Dorsey, Block's CEO, and a pro-crypto administration.\nBlock's partnership with Core Scientific Inc (NASDAQ:CORZ) to deploy new ASIC mining chips is seen as a step towards becoming a leader in ASIC mining, akin to Nvidia (NASDAQ:NVDA)'s position in its field. This venture, along with possible further integration of Bitcoin operations into Block's Cash App and Square ecosystems, could provide additional gross profit growth in 2025.\nOver the next two years, Oppenheimer expects Block's Cash App to continue experiencing mid-teens gross profit growth.\nThis outlook is supported by the increasing adoption of Block's financial services, including the Cash App Card and growth in paycheck deposit monthly actives.\nRelated Articles\nOppenheimer sees 32% upside in Block shares, upgrades to Outperform\nBarington nominates Mitarotonda and two others as directors at Matthews\nWednesday's Insider Activity: Top Buys and Sells in US Stocks","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2492965176"}