Jack Dorsey’s Block Shares Rally As Piper Sandler Initiates Coverage With ‘Overweight’ Rating: Here’s What Other Analysts Are Saying
Shares of Block Inc. (NYSE:SQ), led by Jack Dorsey, closed up 4.62% on Tuesday, gaining over 16% in the past five days as Piper Sandler‘s Managing Director and Senior Research Analyst Arvind Ramnani initiated coverage with an “overweight” rating and set a price target of $83 per share.
Block shares on Tuesday outperformed their benchmark indices, as the NYSE Composite closed 0.81% lower and the Russell 2000 dropped 1.77% on the same day.
What Happened: Ramnani’s investor note highlights Block’s skill in launching new ventures, including its cryptocurrency business, and penetrating large fintech markets, TipRanks reported. The analyst estimates a $130 billion total addressable market for Block’s Square payments business and a $75 billion market for its Cash App payment app.
Why It Matters: The coverage was initiated after Block reported its third-quarter …
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