Jack Dorsey-LED block inc Q should release his Fourth Quarter Results on Thursday after the market closes.

The Block Analyst: KeyBanc Capital Markets Analyst Josh Beck maintained an overweight stance and raised the price target to $100 from $90, indicating an increase of about 39% from current levels.

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The block thesis: “We’re confident going to press as SQ remains a key idea for us,” Beck said in a preview note.

Alternative data trends across the company’s proprietary credit/debit card and app-based data sources across Square and Cash App look consistent to slightly better than our model overall, the analyst said.

As such, the analyst said Block is poised to deliver a set of results that are roughly in line and better than expected. He raised Block’s 2023 gross profit estimate to $7.30 billion, ahead of Street’s estimate of $7.24 billion.

Upward revision was based on Cash App gross profit growth of 29%. without Afterpay, which Block acquired in January 2022, And Bitcoin BTC/USDand a 21% squared growth in gross payment volume, the analyst said. He also expects modest growth in operating income due to the “lean” growth mindset that will likely feed into the 2023 plan, resulting in above-consensus EBITDA.

The target price increase reflected KeyBanc’s upwardly revised estimates, he added.

Price promotion: Block closed Tuesday’s session down 4.09% at $71.95 Benzinga Pro data.

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