Block Positioned For Margin Expansion And EPS Growth: Goldman Sachs Analyst
Block Positioned For Margin Expansion And EPS Growth: Goldman Sachs Analyst
Nance is optimistic about its trajectory, with investments in go-to-market strategies and products likely to boost Seller results, while Cash App continues to lead as a diversified U.S. consumer fintech asset with strong growth potential.Goldman Sachs analyst Will Nance reiterated a Buy rating on Block, Inc. (NYSE:SQ) with a price target of $102.
高盛分析师Will Nance重申了对Block, Inc. (纽交所:SQ)的买入评级，目标价格为102美元。
The analyst said that he hosted a call with Block investor relations, and the company remains committed to achieving Rule of 40 performance by 2026, with mid-teens gross profit growth, margin expansion, and GPV acceleration expected in 2025.
该分析师表示，他与Block投资者关系进行了看涨电话会议，公司仍致力于到2026年实现40条规则绩效，预计2025年将实现中十位数的毛利润增长、利润率扩大和GPV加速。
SQ's stock has surged post-election, benefiting from SMB exposure, pro-cyclical trends, deregulation, and crypto market involvement, alongside a previously attractive valuation, adds the analyst.
Nance补充说，SQ的股价在选举后大幅上涨，受益于SMb曝光、顺周期趋势、放松监管和加密市场参与，以及先前有吸引力的估值。
Nance is optimistic about its trajectory, with investments in go-to-market strategies and products likely to boost Seller results, while Cash App continues to lead as a diversified U.S. consumer fintech asset with strong growth potential.
Nance对其发展趋势持乐观态度，预计在市场推广战略和产品的投资将有助于提高卖家业绩，同时Cash App继续作为多元化的美国消费金融资产，具有强劲的增长潜力。
The analyst's bull-bear analysis of 2026 GAAP EPS shows SQ is positioned for strong fundamentals, supporting potential multiple expansion.
该分析师对2026年GAAP每股收益的牛熊分析表明，SQ在基本面上处于有利位置，支持潜在的倍数扩张。
In the Bear case, Nance estimates GAAP operating expense growth of around 6%, leading to Non-GAAP margins of approximately 26% after amortization adjustments.
在熊市情况下，Nance预计GAAP运营费用增长约6%，导致经非GAAP调整后的利润率约为26%。
This results in projected GAAP and Non-GAAP EPS of ~$3.46 and ~$3.74, respectively, adds the analyst.
这导致预期的GAAP和非GAAP每股收益分别为约3.46美元和约3.74美元，分析师补充道。
In the Bull case, the analyst assume GAAP operating expense growth of about 8%, reflecting increased spending on go-to-market initiatives.
在牛市情况下，分析师假设GAAP运营费用增长约8%，反映出对市场推广措施的支出增加。
After amortization adjustments, Non-GAAP margins are expected to reach 28%, with projected GAAP and Non-GAAP EPS of ~$4.17 and ~$4.46, respectively, adds the analyst.
经过摊销调整后，非GAAP利润率预计将达到28%，GAAP和非GAAP每股收益预计分别为约4.17美元和4.46美元，分析师补充道。
Investors can gain exposure to the stock via VanEck Digital Transformation ETF (NASDAQ:DAPP) and ARK Fintech Innovation ETF (NYSE:ARKF).
投资者可以通过VanEck数字化转型ETF（纳斯达克：DAPP）和ARK Fintech Innovation ETF（纽交所：ARKF）获得该股票的投资机会。
Price Action: SQ shares are up 0.37% at $87.62 at the last check Thursday.
价格动态：截至周四最后查看，SQ股票上涨0.37%，报87.62美元。
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