Block Positioned For Strong Growth On Neobank Leadership & Financial Services Expansion Strength: Goldman Sachs
Portfolio Pulse from Lekha Gupta
Goldman Sachs analyst Will Nance has assumed coverage on Block, Inc. (NYSE:SQ) with a Buy rating and a price target of $80, citing the company's strong position in SMB payments and consumer fintech. The analyst highlights Block's focus on direct deposits, neobank leadership, and financial services expansion as key growth drivers. Block's shares are currently trading at 18 times the 2025 adjusted EPS estimate, which is considered attractive given the company's projected double-digit top-line growth. Investors can also gain exposure to Block through ARK Fintech Innovation ETF (NYSE:ARKF) and ARK Next Generation Internet ETF (NYSE:ARKW).
June 24, 2024 | 5:27 pm
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POSITIVE IMPACT
Investors can gain exposure to Block, Inc. (NYSE:SQ) through the ARK Fintech Innovation ETF (NYSE:ARKF), which is likely to benefit from the positive outlook on Block.
As ARKF holds Block, Inc. shares, the positive analyst rating and outlook on Block are likely to have a favorable impact on ARKF's performance.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
Investors can gain exposure to Block, Inc. (NYSE:SQ) through the ARK Next Generation Internet ETF (NYSE:ARKW), which is likely to benefit from the positive outlook on Block.
As ARKW holds Block, Inc. shares, the positive analyst rating and outlook on Block are likely to have a favorable impact on ARKW's performance.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
Goldman Sachs analyst Will Nance has given Block, Inc. (NYSE:SQ) a Buy rating with a price target of $80, highlighting the company's strong position in SMB payments and consumer fintech. The focus on direct deposits, neobank leadership, and financial services expansion are seen as key growth drivers.
The Buy rating and $80 price target from Goldman Sachs, along with the positive outlook on Block's growth strategies, are likely to boost investor confidence and drive the stock price up in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100