Block assumed with an Overweight at Piper Sandler

Piper Sandler analyst Arvind Ramnani assumed coverage of Block (SQ) with an Overweight rating and $83 price target Block operates at the intersection of software and payments, powered by its two business segments: Square and Cash App, the analyst tells investors in a research note. The firm says that with a “robust track record of innovation” including building out the micro-merchant card acceptance and establishing a crypto trading business, a core part of Block’s investment thesis lies in its continual innovation in the software-enabled payment ecosystem. Block should benefit from a continued secular shift to electronic payments, as well as being on the forefront of innovation, Piper contends.