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Block Stock—and Three Other Fintech Picks from Oppenheimer Analysts
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Main points
- Shares of Block, which has been trending higher recently after falling yesterday, have started to pull back from their early December highs after climbing steadily from summer levels.
- Oppenheimer upgraded the stock to “outperform” from “perform” and boosted the stock with a bullish price target.
- Analysts pointed to expectations for growth in the payment value of Square’s business, a positive margin outlook and its Bitcoin mining operations as drivers of the stock.
Block shares gained some relief Thursday morning, following recent losses that extended yesterday’s selloff in tech stocks, as Oppenheimer analysts turned bullish on the stock.
block (square number) shares have recently risen about 1%, after rising as much as 5% in the opening minutes. Yesterday, they fell even further, pulling back from early December highs after a steady climb from summer levels.
Today’s Drivers: Oppenheimer upgraded its rating to “Outperform” from “Perform” and set a $115 price target, about $16 above the Visible Alpha average ($99) %.
Analysts pointed to expectations for growth in the payment value of Square’s business, a positive margin outlook and its Bitcoin mining operations as drivers of the stock.
“We believe Block could make a bigger bet on Bitcoin in 2025, driven by chairman and co-founder Jack Dorsey’s enthusiasm for cryptocurrencies and President-elect Trump’s crypto administration,” the analysts wrote. Note.”
The upgrade is part of Oppenheimer’s broader outlook for fintech stocks next year. Analysts say Visa (five)MasterCard (master) and payment processing company Shift4 (Four) as their other top fintech picks for the year ahead.
“Recent improvements in consumer spending and the possibility of further interest rate cuts suggest that fintech companies should maintain healthy growth in 2025,” Oppenheimer wrote.
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