As previously reported, Monness Crespi analyst Gus Gala downgraded Block to Neutral from Buy and removed the firm’s prior price target, stating that the firm is taking profits given that the uncertainty of a investigation is lingering. The firm still sees upside to estimates, but reports of prosecutors at SDNY digging into internal practices at Block are “a wrench to sentiment that will likely remain a drag,” the analyst tells investors.
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