Analysts Are Increasing Price Targets of These 5 Stocks

3. Block, Inc. (NYSE:SQ)

Number of Hedge Fund Holders: 75

Shares of Block, Inc. (NYSE:SQ) jumped over seven percent on Friday, January 20, after Truist increased its price target for the digital payments company from $85 per share to $105 per share.

Truist analyst Andrew Jeffrey lifted the price target as a part of a broader research coverage on fintech stocks. Jeffrey thinks the company’s gross payment volume growth will jump to 32 percent from 22 percent last year.

Separately, asset management firm Baron Funds also talked about Block, Inc. (NYSE:SQ) in its second-quarter 2022 investor letter. Here’s what the firm said:

“Block, Inc. provides point-of-sale technology to small businesses and operates the Cash App ecosystem of financial services for individuals. Shares fell due to mixed quarterly results with more modest growth in the Seller business offsetting strength in Cash App. While integration of recently acquired Afterpay is progressing well and credit metrics remain healthy, the buy-now-pay-later business slowed due to greater competitive intensity. We continue to own the stock due to Block’s long runway for growth, sustainable competitive advantages, and unique corporate culture.”