Block price target raised to $76 from $65 at Citi

Citi analyst Peter Christiansen raised the firm’s price target on Block to $76 from $65 and keeps a Buy rating on the shares. For the most part, Block shares have been range-bound between $50 and $90 for the past 20 months, the analyst tells investors in a research note. The firm believes downside from here is fairly limited over the next 6-9 months given Block’s fiscal 2024 profitability and operating efficiency outlook. At the same time, investor expectations afford the company some time to execute growth turnaround efforts in the Square and Seller business, contends Citi. It believes easier compares mitigate Block’s sales deceleration in fiscal 2024, though the firm admits a breakout above the stock’s range likely requires growth re-expansion and/or traction with newer revenue streams. Citi calls Block a “grind higher” fintech play for 2024.