Block Inc (NYSE:XYZ) is one of the most undervalued blockchain stocks to buy now.
Block Inc (NYSE:XYZ) stock has gained around 17% in the past month, trading under $72
The equity research firm Evercore ISI sees the stock making a huge leap in the period ahead. On May 4, Evercore reiterated its Outperform rating on XYZ stock with a price target of $96. Among other reasons for its bullish view on Block stock, Evercore pointed to progress in the company’s fundamental turnaround, particularly in the Square and Cash App business unit.
The firm also noted Block’s decision to cut 40% of jobs across the company in a pivot to AI-driven operational efficiency. Bitcoin is a big part of Block’s business. Besides holding Bitcoin in its treasury, the company also facilitates Bitcoin trading through its Cash App platform.