1 No-Brainer Growth Stock That Could Soar, According to Wall Street

In the past six months, share prices of Block (NYSE: SQ), the company formerly known as Square, have dropped sharply along with many other growth stocks. Investors have been exiting this sector of the market, especially the stocks that aren't consistently profitable. There are increased concerns that perceived marketwide issues, including potential interest rate hikes in the U.S., could weigh on these companies.

Despite the bearish attitude toward the stock, Wall Street remains bullish on Block's future as a business. When averaging the price targets of various analysts following the stock, they think the stock price should be $242.53, according to Yahoo! Finance. That represents an upside of about 117% from the stock's current price.

Are the analysts right to place such lofty expectations on Block? I think so, and here's why.

Source Fool.com