Morgan Stanley analyst James Faucette lowered the firm’s price target on Block (XYZ) to $65 from $67 and keeps an Overweight rating on the shares. While the stock reaction is being driven by a Cash App miss and lower outlook, the firm is “reassured” by much improved trends in Square and believes challenges to monetizing Cash App and macro risks are “more than adequately priced in,” the analyst tells investors in a post-earnings note.
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Read More on XYZ:
- Buy Rating on Block: Growth Potential Amid Macroeconomic Challenges
- Block price target lowered to $60 from $65 at KeyBanc
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- Block sinks 20% to $46.80 after Q1 report, analyst downgrades