Block, Inc. (NYSE:SQ) shares are trading higher Tuesday higher after B of A Securities maintained its Buy rating on the stock.
What To Know:
B of A Securities maintained its Buy rating and $71 price objective on Square stock, noting shares are down 46% to near all-time lows since the end of July.
Analyst Jason Kupferberg attributed the “unjustified pullback” to a rotation out of growth, investor positioning, Cash App deceleration and questions regarding Square.
The analyst also said opex discipline could help drive a raise in adjusted EBITDA guidance for 2023.
Shares of SQ are moving on heavy trading volume Tuesday. According to data from Benzinga Pro, more than 9.7 million shares have already been traded in the session, compared to the stock’s 100-day average of 10.279 million shares.
Block is set to announce its third-quarter financial results on Nov. 2 and will also host a conference call and earnings webcast at 5:00 p.m. ET the same day to discuss the results. According to estimates from Benzinga Pro, the company is expected to announce earnings of 43 cents per share and quarterly revenue of $5.402 billion.
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SQ Price Action: According to Benzinga Pro, Block Inc. shares are up 4.7% at $45.78 at the time of publication.
Image: Gerd Altmann from Pixabay
