Block upgraded to Outperform from Market Perform at Raymond James

Raymond James analyst John Davis upgraded Block (SQ) to Outperform from Market Perform with a $115 price target The firm says its “deep dive” into the building blocks of Seller gross payment volume leaves it with greater confidence in the 2025 acceleration story. Seller payment volume is the most important metric for the stock, and growth can accelerate back into the double-digits in 2025, given the combination of easing comps, new sales momentum driven by improving distribution, international expansion, and product innovation, the analyst tells investors in a research note. Raymond James acknowledges Block’s Cash App “is a bit of a wild card” given that net new actives have been flat over the last two quarters, but has a high degree of confidence that Seller volume growth can accelerate into the double-digits in 2025.