The Fly

Block downgraded to Perform from Outperform at Oppenheimer

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.

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