Block Inc (NYSE:SQ) shares are trading higher Monday on continued strength after the company reported better-than-expected financial results last week. Multiple analysts adjusted price targets on the stock Monday morning.
Block said third-quarter revenue increased 17% year-over-year to $4.52 billion, which beat average analyst estimates of $4.5 billion, according to Benzinga Pro. Excluding Bitcoin (CRYPTO: BTC) revenue, total net revenue in the third quarter was $2.75 billion, up 36% year-over-year.
The payment services company reported quarterly adjusted earnings of 42 cents per share, which beat average estimates of 24 cents per share.
Cash App generated $2.68 billion of revenue and $774 million of gross profit. On a year-over-year basis, Cash App revenue and gross profit grew 12% and 51%, respectively. Square generated $1.77 billion of revenue and $783 million of gross profit. Square revenue and gross profit grew 27% and 29%, respectively on a year-over-year basis.
- Barclays analyst Ramsey El-Assal maintained Block with an Overweight rating and lowered the price target from $130 to $100.
- BMO Capital analyst James Fotheringham maintained Block with an Outperform rating and raised the price target from $117 to $120.
Related Link: Block To 100? Plus This Analyst Slashes PT On Estée Lauder By 32%
SQ Price Action: Block has a 52-week high of $165.20 and a 52-week low of $51.45.
The stock was up 4.01% at $62.52 at time of publication.
Photo: courtesy of Block.
