Mizuho Reiterates Outperform Rating on Block Inc. (XYZ)

Mizuho analyst Dan Dolev reiterated an Outperform rating and $100.00 price target on Block Inc. (NYSE: XYZ).

The analyst comments "On the 1Q call, mgmt noted that Neighborhoods, XYZ's new loyalty program for both Sellers & Cash App users, is "probably the biggest lever that we have"...and "has the ability to just fundamentally change the size of our network and the trajectory of growth, but we're in early days there." To test the potential for Neighborhoods, we conducted a survey of Cash App users. About two-thirds of users noted they would either be likely or very likely to participate in a such a loyalty program, highlighting a pathway for potential future Neighborhoods engagement. This coincides with bullish management commentary that ~50% of Neighborhoods followers were not active on Cash App in the month prior to joining the platform. We anticipate that Neighborhoods has the potential to support user engagement and MAU growth over time. Reiterate Outperform."

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 $76.55 yesterday.

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