Truist Securities analyst Matthew Coad raised Block (NYSE: XYZ) price target from $72 to $77, representing 28% upside from current levels. The analyst noted that new business development momentum is "encouraging," particularly in the Square business, as well as improved free cash flow prospects following the company's recent 40% workforce reduction. Despite a 10% stock price increase following the layoffs, Block shares are still down 8% year-to-date.