Block jumps after lifting annual gross profit forecast

Block

08/08/2025 11:20

** Payments firm Block's XYZ.N shares jump 8.5% to $83.39 premarket after it lifts annual gross profit forecast

** RBC Capital Markets analyst Daniel Perlin says gross profit bouncing back strong, particularly in Cash App, was one of the key highlights

** Brokerage lifts PT to $97 from $63, a 26.2% upside to stock's last close

** Evercore analyst Adam Frischs says XYZ posted solid Q2 results for both Cash App and Square business

** "This is the first sign that the turnaround is gaining early momentum," Frischs says

** XYZ's profit forecast cut earlier this year had raised concerns about its key businesses

** 31 of 45 brokerages rate the stock "buy" or higher, 11 "hold" and 3 "sell"; median PT $82 - data compiled by LSEG

** As of last close, XYZ's shares down 9.6% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)

 ((ArasuKannagi.Basil@thomsonreuters.com))