Block's (XYZ) medium-term guidance calling for similar gross profit and gross payment volume growth is achievable, UBS said in a note Wednesday following an analysis of the two metrics.

"Our analysis suggests Square's recent pricing initiatives are likely sufficient to achieve Block's guided ~flattish 2H 2026 GP vs. GPV spread," the report said.

The target is achievable despite H2 mix-related headwinds such as upmarket and international mix shift, and hardware losses.

The report came as the gap between GP and GPV growth has

become topical as GP growth began to more meaningfully lag GPV growth in the second half of 2025.

UBS maintained its buy rating with a $92 price target.

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