Block price target lowered to $77 from $90 at RBC Capital

RBC Capital lowered the firm’s price target on Block to $77 from $90 but keeps an Outperform rating on the shares. The company reported an in-line gross profit growth quarter in Q3 and looks to have laid down the gauntlet on materially improving profitability in the organization, partially by capping its headcount going to 12K from 13K and also improving efficiency via automation, the analyst tells investors in a research note.