RBC Capital Reiterates Outperform Rating on Block Inc. (SQ)
RBC Capital analyst Daniel Perlin reiterated an Outperform rating and $88.00 price target on Block Inc. (NYSE: SQ)
The analyst comments "SQ delivered another beat on adj. EBITDA, reiterating its focus on profitability and its goal of achieving the Rule of 40 by FY26, with FY24 guidance calling for ~32%. Despite curtailing expenses to achieve this level of profitability, specifically we call out non-GAAP sales & marketing expenses declining ~12% y/ y, it has not hindered the company’s ability to drive growth, with adj gross profit growth up ~22% y/y."
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Shares of Block Inc. closed at $70.30 yesterday.