• In late June 2026, Block, Inc. (NYSE: XYZ) was removed from several Russell growth benchmarks, while Ladurée Canada announced it had selected Square as its exclusive commerce platform across its expanding Canadian locations, spanning tea salons, cafés, airport kiosks, laboratories, and pop-ups.
• At the same time, a double upgrade from Piper Sandler and the rejection of a proposed board-level technology committee highlighted shifting external perceptions and internal governance priorities around Block’s long-term positioning.
• We’ll now examine how Piper Sandler’s upgraded view of Block’s role in the payments sector may influence the company’s existing investment narrative.

Find 43 companies with promising cash flow potential yet trading below their fair value.

Block Investment Narrative Recap

To own Block today, you generally need to believe in the long term power of its two-sided ecosystem across Cash App and Square, even as competition intensifies and profitability remains uneven. The recent removal from several Russell growth benchmarks may add some technical pressure around index flows, but does not materially change the fundamental near term story, where execution on Cash App engagement and credit quality in Borrow and BNPL still look like the key catalyst and risk.

Among the recent announcements, Ladurée Canada’s decision to make Square its exclusive commerce platform is most relevant here. It underlines how Block’s Square hardware and software are being used across complex, multi format merchants, which ties directly into the catalyst of Square scaling with larger and more diverse businesses. While this kind of win may not move the needle alone, it speaks to how merchant adoption can support Block’s broader payments thesis over time.

Yet beneath these positives, the biggest risk investors should be aware of is how much Block still depends on sustained Cash App growth and credit performance as...

Block's narrative projects $33.6 billion revenue and $3.3 billion earnings by 2029.

Uncover how Block's forecasts yield a $90.52 fair value, a 19% upside to its current price.

Exploring Other Perspectives

Some of the lowest ranked analysts take a far more cautious view, stressing how heavier compliance and cyber costs could blunt the impact of new signings like Ladurée. They were already assuming revenue of about US$31,000,000,000 and earnings of roughly US$2,800,000,000 by 2029, so if you are considering Block it is worth comparing this more pessimistic path with the consensus view and asking how the latest index changes and upgrades might shift those expectations.

Explore 8 other fair value estimates on Block - why the stock might be worth just $75.11!

Reach Your Own Conclusion

Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

• A great starting point for your Block research is our analysis highlighting 3 key rewards and 1 important warning sign that could impact your investment decision.
• Our free Block research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Block's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.