Bernstein raised the firm’s price target on Block to $120 from $90 and keeps an Outperform rating on the shares. The firm also named Block its new best idea heading into 2025. It sees a number of catalysts for the stock into next year, including Square volume acceleration, “significant” EBITDA growth from continued efficiency gains, likely lower regulatory scrutiny and potential for S&P 500 Index inclusion “at some point.” Square’s valuation is “deeply attractive” and 16% of its market capitalization is cash, the analyst tells investors in a research note. Bernstein expects a further $3.0B-$3.5B of cash flow generation through the end of 2025.