According to Macquarie experts, the decline in the block stock since late July provides an attractive buying opportunity. Analyst Wei Sim expects Block’s growth to accelerate significantly in the fourth quarter.
Macquarie analysts see SIM Block’s Cash App business as one of the company’s biggest strengths and expect year-over-year growth to continue to accelerate in the fourth quarter.
“Management emphasized that it is focused on enabling developers to integrate third-party platforms to deliver greater insights to large vendors – given the typically closed-loop benefits of using Cash App and Square POS. A remarkable point, which we have already discussed,” Sim says. ,
Despite the block’s upbeat business prospects, Macquarie anticipates uncertainty in the company’s “buy now, pay later” segment. As a reminder, Block bought Australian fintech company Afterpay for $29 billion in 2021.
Macquarie expert Y Sim sees the stock going up to $101. “The stock is undervalued. We are upgrading the stock based on better position and fundamentals,” Sim wrote in a note to customers.
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