Block gave a 'robust' response to brutal short-seller report, and shares of the CashApp parent are looking at 40% upside, Bank of America says

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• Shares of Block could rise 40% from recent levels, Bank of America said Friday. 
• Block gave a "robust" response to Hindenburg Research's report raising fraud concerns at the Cash App parent. 
• BofA has a $96 price target on Block and backed its buy rating. 

Block stock holds the potential to push 40% higher from recent levels, buoyed in part by the company's "robust" response to a short-seller's claim about fraudulent accounts on its Cash App platform, said Bank of America.