Seaport Research downgraded Block (XYZ) to Hold from Buy without a price target following the company’s Q1 report. The firm says Block is “not an investable story at the moment.” The company’s payment volume, gross profit and earnings missed estimates with Cash App the “main callout,” the analyst tells investors in a research note. Seaport does not believe investors should buy the selloff as it sees more potential downside to estimates this year.
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