Block (SQ) is scheduled to report results of its fourth fiscal quarter after the market close on February 24, with a conference call scheduled for 5:00 pm EDT. What to watch for:

1. REPORT COULD BE VIEWED AS MIXED: KeyBanc analyst Josh Beck lowered the firm's price target on Block to $175 from $225 and kept an Overweight rating on the shares ahead of quarterly results. The analyst believes the report overall could be viewed as mixed as he sees Block in the early stages of a third major company evolution toward connecting the consumer and merchant ecosystems across offline and online channels on a global basis. Mixed trends include tough first quarter Cash App comparisons following last year's stimulus in which his firm's Key First Look data indicates flattish quarter-to-date trends and prospects for the dilutive EBITDA impact of Afterpay.

On the positive side, Cash App was a clear standout in the recent KBCM FinTech Consumer survey, earning top marks across "Buy Now, Pay Later," crypto/stock trading, checking consideration, and overall engagement, while it has retained a #1 or #2 finance ranking within the app store, supporting his long-term conviction.

Meanwhile, RBC Capital analyst Daniel Perlin also lowered the firm's price target on Block to $147 from $203, reflecting valuations among software/payment peers. The analyst kept an Outperform rating on the shares ahead of earnings this week, however, stating that with the stock currently trading at enterprise value 9-times expected gross profit versus recent highs of 27-times, he believes that the expectations hurdle going into the print is low.

2. BLOCK 'QUITE UNDERVALUED': Earlier this month, Bank of America analyst Jason Kupferberg upgraded Block to Buy from Neutral with a price target of $185, down from $221. Following the stock's big underperformance on general growth selloff and limited visibility, it is now "quite undervalued," the analyst told investors in a research note. Kupferberg added that Block's valuation assumes $93 per annual active user versus $1,472 at Affirm (AFRM) and $326 at PayPal (PYPL).

3. CORPORATE ENTITY NAME CHANGE: Back in December, the company announced that it was changing its name from Square to Block, which will be the name for the company as a corporate entity. "The Square name has become synonymous with the company's Seller business, which provides an integrated ecosystem of commerce solutions, business software, and banking services for sellers, and this move allows the Seller business to own the Square brand it was built for," the company said at the time.

"The change to Block acknowledges the company's growth...Block is an overarching ecosystem of many businesses united by their purpose of economic empowerment, and serves many people-individuals, artists, fans, developers, and sellers," it said in a statement.