Block Positioned For Margin Expansion And EPS Growth: Goldman Sachs Analyst
Block Positioned For Margin Expansion And EPS Growth: Goldman Sachs Analyst
Nance is optimistic about its trajectory, with investments in go-to-market strategies and products likely to boost Seller results, while Cash App continues to lead as a diversified U.S. consumer fintech asset with strong growth potential.Goldman Sachs analyst Will Nance reiterated a Buy rating on Block, Inc. (NYSE:SQ) with a price target of $102.
高盛分析師Will Nance重申了對Block, Inc. (紐交所:SQ)的買入評級，目標價格爲102美元。
The analyst said that he hosted a call with Block investor relations, and the company remains committed to achieving Rule of 40 performance by 2026, with mid-teens gross profit growth, margin expansion, and GPV acceleration expected in 2025.
該分析師表示，他與Block投資者關係進行了看漲電話會議，公司仍致力於到2026年實現40條規則績效，預計2025年將實現中十位數的毛利潤增長、利潤率擴大和GPV加速。
SQ's stock has surged post-election, benefiting from SMB exposure, pro-cyclical trends, deregulation, and crypto market involvement, alongside a previously attractive valuation, adds the analyst.
Nance補充說，SQ的股價在選舉後大幅上漲，受益於SMb曝光、順週期趨勢、放鬆監管和加密市場參與，以及先前有吸引力的估值。
Nance is optimistic about its trajectory, with investments in go-to-market strategies and products likely to boost Seller results, while Cash App continues to lead as a diversified U.S. consumer fintech asset with strong growth potential.
Nance對其發展趨勢持樂觀態度，預計在市場推廣戰略和產品的投資將有助於提高賣家業績，同時Cash App繼續作爲多元化的美國消費金融資產，具有強勁的增長潛力。
The analyst's bull-bear analysis of 2026 GAAP EPS shows SQ is positioned for strong fundamentals, supporting potential multiple expansion.
該分析師對2026年GAAP每股收益的牛熊分析表明，SQ在基本面上處於有利位置，支持潛在的倍數擴張。
In the Bear case, Nance estimates GAAP operating expense growth of around 6%, leading to Non-GAAP margins of approximately 26% after amortization adjustments.
在熊市情況下，Nance預計GAAP運營費用增長約6%，導致經非GAAP調整後的利潤率約爲26%。
This results in projected GAAP and Non-GAAP EPS of ~$3.46 and ~$3.74, respectively, adds the analyst.
這導致預期的GAAP和非GAAP每股收益分別爲約3.46美元和約3.74美元，分析師補充道。
In the Bull case, the analyst assume GAAP operating expense growth of about 8%, reflecting increased spending on go-to-market initiatives.
在牛市情況下，分析師假設GAAP運營費用增長約8%，反映出對市場推廣措施的支出增加。
After amortization adjustments, Non-GAAP margins are expected to reach 28%, with projected GAAP and Non-GAAP EPS of ~$4.17 and ~$4.46, respectively, adds the analyst.
經過攤銷調整後，非GAAP利潤率預計將達到28%，GAAP和非GAAP每股收益預計分別爲約4.17美元和4.46美元，分析師補充道。
Investors can gain exposure to the stock via VanEck Digital Transformation ETF (NASDAQ:DAPP) and ARK Fintech Innovation ETF (NYSE:ARKF).
投資者可以通過VanEck數字化轉型ETF（納斯達克：DAPP）和ARK Fintech Innovation ETF（紐交所：ARKF）獲得該股票的投資機會。
Price Action: SQ shares are up 0.37% at $87.62 at the last check Thursday.
價格動態：截至週四最後查看，SQ股票上漲0.37%，報87.62美元。
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譯文內容由第三人軟體翻譯。
