UPDATE: Goldman Sachs Starts Block Inc. (SQ) at Buy

(Updated - March 30, 2022 4:07 AM EDT)

Goldman Sachs analyst Michael Ng initiates coverage on Block Inc. (NYSE: SQ) with a Buy rating and a price target of $173.00.

The analyst comments "We initiate coverage of Block (SQ) with a Buy rating and 12-month target of $173. Block is a fintech company with a two-sided ecosystem including: (1) Square (formerly known as Seller), a payment facilitator that provides merchants with software & hardware tools to accept in-person and online card payments; and (2) Cash App, a super app with origins as a peer-to-peer payment app that has expanded into a broader suite of consumer financial services. SQ is well positioned to benefit from Cash App's growing monetization from new product features (e.g., tax preparation, card spending, cash management, stock investing, Bitcoin) while enjoying ongoing user growth from the network effects of P2P payments, as well as Square's continued share gains within SMB acquiring. The recent acquisition of Afterpay should generate synergies and integrate the Square and Cash App ecosystems through the addition of new consumers and merchants, as well as helping to establish commerce & brand discovery features into Cash App while generating leads for merchant."

For an analyst ratings summary and ratings history on Block Inc. click here. For more ratings news on Block Inc. click here.

Shares of Block Inc. closed at $146.84 yesterday.

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