Block Inc Class A

SQ: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$71.00	Sfrrcl	Gdjyjhgfh

Block Earnings: Management Delivers on Promise to Improve Profitability

Brett Horn

May 3, 2024

Overall, we think Block delivered a solid quarter. While we are somewhat concerned with the relative performance of Block, Cash App growth stayed strong and management is delivering on its promise to improve profitability. We will maintain our $90 fair value estimate for the narrow-moat company. We see shares as somewhat undervalued but would emphasize our Morningstar Uncertainty Rating of Very High.

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