Block price target raised to $110 from $100 at Macquarie

Macquarie raised the firm’s price target on Block (SQ) to $110 from $100 and keeps an Outperform rating on the shares. The firm estimates Block’s Proto team’s supply of 3nm mining application-specific integrated circuit to Core Scientific (CORZ) represents 3% upside risk to its fiscal 2025 EBITDA on a pro forma annualized basis. The recent share strength alongside bitcoin bullishness suggests that bitcoin is increasingly taken positively as part of the Block story, the analyst tells investors in a research note. Macquarie incorporated the estimated contribution of the mining ASICs to its valuation, driving up the target.

Pick the best stocks and maximize your portfolio:

Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>

See the top stocks recommended by analysts >>

Read More on SQ:

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Tags

More Related Articles

Info icon

This data feed is not available at this time.

Data is currently not available

Sign up for the TradeTalks newsletter to receive your weekly dose of trading news, trends and education. Delivered Wednesdays.