Block Inc (NYSE:SQ) shares up on Friday, after the company reported upbeat results for its first quarter.

The results came amid an exciting earnings season. Here are some key analyst takeaways from the release.

JPMorgan On Block

Analyst Tien-tsin Huang maintained an Overweight rating and price target of $90.

Block reported “solid” first-quarter results, with gross profit of $2.09 billion and EBITDA of $705 million beating Street expectations of $2.02 billion and $590 million, respectively, Huang said in a note. The results imply margins of 34%, helped by $52 million in non-recurring items, he added.

“Cash App’s inflows per active, a key metric driving the Cash App growth algorithm, accelerated in 1Q to 11% growth y/y (from 8% in 4Q), with management saying that paycheck deposits are growing faster than overall inflows, meaning Block’s efforts to drive direct deposit seem to be gaining traction,” the analyst wrote.

Mizuho Securities On Block

Analyst Dan Dolev reaffirmed a Buy rating and price target of $106.

Block reported strong results and Bitcoin came back in the spotlight after a one-year pause, Dolev said.

“While we were happy to see the 2024 gross profit growth guide move up 200bps from 15%+ to 16-17%, our work suggests that guidance remains overly conservative,” the analyst wrote. “Our blue-sky scenario suggests that GP growth could reach 20%+ in 2024,” he added.

BMO Capital Markets On Block

Analyst Rufus Hone reiterated an Outperform rating and price target …

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