Block price target raised to $90 from $80 at Jefferies

Jefferies raised the firm’s price target on Block (SQ) to $90 from $80 and keeps a Buy rating on the shares. The firm likes the Q2 setup based on its expectation for 2-3 points of upside to the outlook for gross profit growth, driven by Cash App growth and Seller GPV growth that is accelerating relative to Visa (V) and MasterCard (MA) U.S. volumes, the analyst tells investors. Jefferies also expects “a more aggressive raise” to the fiscal year adjusted EBITDA outlook than in Q1, the analyst added.