High profit growth in the next year increase Block's chances of being added to the S&P 500 index.
Investors are betting that shares of the fintech company Block Inc . will rally further in the new year. Analysts at three separate Wall Street firms recently named Block, a provider of financial services through technology platforms, as one of their top ideas heading into 2025. Block is the parent company of the Square point-of-sale system for businesses, Cash App for peer-to-peer payments by consumers and the buy now, pay later company Afterpay.
Similarly, last week Deutsche Bank hiked its price target on Block nearly 28% to $125 from $98, implying that the stock might rise another 27% over the next year. "We believe SQ is one of the best fundamentally positioned companies in our coverage and believe the stock can continue to rally into next year," Deutsche Bank analyst Bryan Keane wrote. In the note, Keane wrote that Square payments volume growth has likely already bottomed, pointing to an acceleration in volume in October.
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