Block price target lowered to $70 from $110 at BTIG

BTIG lowered the firm’s price target on Block (XYZ) to $70 from $110 and keeps a Buy rating on the shares. The company’s Q1 conference call was “disappointing,” with the biggest concern a “dramatic slowdown” in Cash App activity during March, the analyst tells investors in a research note. The firm says Block lowered its fiscal 2025 guidance, and management is now accounting for macro softening beyond what it has seen so far. However, on the post-earnings selloff, BTIG says the stock’s multiple “is too cheap.” The company reported solid Q1 Square results with the segment gaining momentum, and Block is still growing 12% this year if trends do deteriorate, BTIG contends.