Why now is the time to buy Block: Analyst

Now is the time to buy Block (SQ), says Berenberg Capital Markets Senior Equity Research Analyst Mark Palmer. Palmer initiated Block with a "Buy" rating and $75 price target. Palmer says the story surrounding Block has evolved from one of focusing on top-line growth to one of focusing on bottom-line growth. "Management has been pulling levers to reduce the growth of its expense base and thereby generate profitability, particularly as measured in adjusted operating income," Palmer says. Palmer also discusses how Block trades in relation to bitcoin (BTC-USD). Watch the video above to see what Palmer says.