Block shares rocket on 'overweight' rating by Piper Sandler
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The news: Afterpay owner Block was the top performer across the ASX 200 in morning trade, following an 11.9% climb on the NYSE overnight.
The numbers: Block shares were up 10.5% to $126.19 by 12:15pm AEDT.
The context: The climb followed a bullish analyst note by Piper Sandler analyst Arvind Ramnani, who initiated coverage of the stock with an 'overweight' rating following last week's "impressive" Q3 result, The Motley Fool reported.
Block — which allows investors to buy and sell Bitcoin on its Cash App platform, invests in Bitcoin mining, and has a digital wallet product called Bitkey — may also have been boosted by a recent surge in Bitcoin since the election of Donald Trump last week.
The source: The Motley Fool
