Oppenheimer analyst Dominick Gabriele downgraded Block to Perform from Outperform without a price target. The analyst cites the recent share rally and the firm’s 2024 profit estimates being significantly below consensus for the downgrade. Block will be a first mover for a "risk on" trade, but financial technology stocks have not bottomed and the recent rally in the shares could "evaporate," the analyst tells investors in a research note. The firm’s below-Street estimates stem from a spending slowdown in seller combined with less Cash App monthly active adds then consensus as well as less spend per active.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on SQ:
- ‘Crisis Can Create Opportunities’: Here’s Why Cathie Wood Sticks With These 2 Big Innovation Stocks
- Block price target raised to $103 from $100 at Barclays
- Block price target raised to $105 from $85 at Truist
- Square put volume heavy and directionally bearish
- Block price target raised to $85 from $78 at Baird