Block Inc (SQ) shares surged 5.09% in Thursday's pre-market trading, following an upgrade from Oppenheimer analysts who now rate the stock as Outperform with a $115 price target, implying around 32% upside potential.
The bullish analyst call is driven by expectations of accelerating growth across Block's key businesses, as well as the company's ability to hit financial efficiency targets ahead of schedule.
According to Oppenheimer, Block's investments in product development and sales initiatives are set to drive faster growth in Square's gross payment volume (GPV). The firm forecasts Square GPV growth to accelerate to 12% in 2025, up from an estimated 9% in 2024, due to enhanced product offerings, increased marketing spend, a revised go-to-market strategy, and resilient consumer spending.
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