Block price target raised to $115 from $96 at BofA

BofA raised the firm’s price target on Block (SQ) to $115 from $96 and keeps a Buy rating on the shares. Q3 results were “robust” and EBITDA and AOI were raised by the Q3 beat, although the Q4 guidance was “a bit disappointing,” the analyst tells investors. The firm looks for CEO Dorsey to demonstrate further execution in his new role running the Square seller business and while Cash App MAU growth is slowing, the firm believes “ample ARPU headroom remains” as the company executes against its “bank the base” strategy.