On Tuesday, May 27, Mizuho Securities increased the price target for Block, Inc. (NYSE:XYZ), previously known as Square, to $71 from $68 and kept an “Outperform” rating.
Mizuho made this decision after an analysis that shows a link between Bitcoin’s price and user engagement on Block’s (NYSE:XYZ) Cash App.
People using the Cash App paying for goods and services, highlighting the impact the of the company’s payment tools.
The analysis showed that the recent surge in the price of Bitcoin has led to an increase in weekly active users of Cash App. The firm noticed that in late April and early May, there was a notable uptick in activity. Previously, in February and March, user growth was slower.
These findings are in agreement with statements from Block, Inc.’s (NYSE:XYZ) management, which highlighted a rebound in Cash App usage in April. If Bitcoin can continue climbing, Cash App could experience increased user engagement in the coming months.
Block, Inc. (NYSE:XYZ) is an American financial technology company that offers a wide range of products and services to consumers and merchants.
While we acknowledge the potential of XYZ as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than XYZ and that has a 100x upside potential, check out our report about the cheapest AI stock.
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Disclosure: None.
DJ Kamal Mustafa
I’m DJ Kamal Mustafa, the founder and Editor-in-Chief of EMEA Tribune, a digital news platform that focuses on critical stories from Europe, the Middle East, Africa, and Pakistan. With a deep passion for investigative journalism, I’ve built a reputation for delivering exclusive, thought-provoking reports that highlight the region’s most pressing issues.
I’ve been a journalist for over 10 years, and I’m currently associated with EMEA Tribune, ARY News, Daily Times, Samaa TV, Minute Mirror, and many other media outlets. Throughout my career, I’ve remained committed to uncovering the truth and providing valuable insights that inform and engage the public.
