Why Block's Shares Were Up Today

Shares of Block (NYSE: SQ) bounced back on Tuesday, jumping more than 5% in early trading, reaching a high of $66.54 just after the opening bell. The price dropped a bit, but was still up about 2% as of 3:10 p.m. ET today.

It wasn't a particularly good day for the markets, as both the S&P 500 and Nasdaq Composite were largely flat. Block's performance might be due to investors jumping in after a bad day on Monday.

Block took a hit on Monday after Sanjay Sakhrani, an analyst with Keefe Bruyette & Woods (KBW), dropped Block's price target from $150 to $100. That still represents roughly a 53% increase over current levels.

Source Fool.com