Analyst Note
| Brett Horn |Block continues to see strong growth, with overall net revenue up 26% year over year. However, we would like to see this growth translate into better profitability. On this front, the quarter suggested some modest improvement. Overall, though, we don’t see anything in the quarter that would materially alter our long-term view and will maintain our $98 fair value estimate for the narrow-moat company. We see shares as undervalued but would stress our Morningstar Very High Uncertainty Rating.