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Block Inc. Earns Analyst Praise: Q2 Results Showcase Cash App Growth, Strategic Innovations

Benzinga ·  Aug 2, 2024 14:09

Shares ofBlock Inc (NYSE:SQ)were trading flat on Friday, after the company reporting its second-quarter results.

The results came amid an exciting earnings season. Here are some key analyst takeaways.

JPMorgan OnBlock

Analyst Tien-tsin Huang reaffirmed an Overweight rating, while raising the price target from $137 to $138.

Block reported gross profits at $2.23 billion, higher than the Street's $2.19 billion expectations, up 20%, Huang said in a note. The company's EBITDA was very healthy, at $759 million, "implying margins of 34%," he added.

"Numbers aside, the focus on GTM (go-to-market) inJack Dorsey's SH letter should...

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