Block downgraded to Neutral from Outperform at Macquarie

Macquarie downgraded Block (XYZ) to Neutral from Outperform with a $50 price target following the Q1 report. The firm sees scope for further softness in the consumer potentially weighing on the company. Cash App key performance indicators are showing “fragility” amid the uncertain macro outlook over recent months, the analyst tells investors in a research note.