Macquarie analyst Paul Golding upgraded Block to Outperform from Neutral with a $100 price target. The shares have fallen 20% since the analyst’s downgrade to Neutral in late July, a time he saw market risk and risk to consensus EBITDA as potential pitfalls in the coming periods. With the shares “now de-rated and operating leverage flowing through,” Block has improved upside/ downside positioning across shares and fundamentals, Golding tells investors in a research note. He says the company’s cost cuts and “on-ramps” came through in Q3.
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