Jack Dorsey-led BlockInc. SQ is scheduled to release its fourth-quarter results on Thursday after the market close.

The Block Analyst: KeyBanc Capital Markets analyst Josh Beck maintained an Overweight rating and raised the price target from $90 to $100, suggesting roughly 39% upside from current levels.

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The Block Thesis: We are positive, headed into the print as SQ remains a key idea for us, Beck said in a preview note.

Alternative data trends across the firms proprietary credit/debit card and app-based data sources across Square and Cash App look broadly consistent to slightly better than our model, the analyst said.

As such, the analyst said Block is poised to deliver a roughly in-line to a better-than-expected set of results. He raised the 2023 gross profit estimate for Block to $7.30 billion, ahead of the Street estimate of $7.24 billion.

The upward revision was premised on 29% Cash App gross profit growth, excluding Afterpay, which Block acquired in Jan. 2022, and Bitcoin BTC/USD , and 21% Square gross payment volume growth, the analyst said. He also expects a moderation in operating income growth due to the lean growth mindset that will likely be incorporated in 2023 planning, leading to above-consensus EBITDA.

The price target hike reflected KeyBancs upwardly revised estimates, he added.

Price Action: Block closed Tuesdays session down 4.09% at $71.95, according to Benzinga Pro data.

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