Block Inc. (XYZ) PT Raised to $85 at Canaccord

Canaccord analyst Joseph Vafi raised the price target on Block Inc. (NYSE: XYZ) to $85.00 (from $80.00) while maintaining a Buy rating.

The analyst commented: "Compounding growth drivers translate into 38% gross profit growth for Cash App. While 4% growth in active users underscores maturation in customer acquisition, monetization accelerated here both in payment volume and financial services offerings. This compounding effect drove 38% y/y growth in Cash App gross profit dollars. We continue to believe execution on Cash App has been stellar. Leveraging very low customer acquisition costs using the free P2P payments distribution channel, Cash App has been on an impressive monetization ramp since launch. Today, we see it as one of the leading neobank platforms taking share from the legacy banking industry."

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