Block price target lowered to $80 from $105 at Truist

Truist analyst Andrew Jeffrey lowered the firm’s price target on Block to $80 from $105 but keeps a Buy rating on the shares as part of a broader research note on FinTech And Info Services. The company has few near-term catalysts considering decelerating Square ecosystem GMV, the analyst tells investors in a research note. Square’s “sidecar” payments business is also seeing elevated churn as the smallest SMBs migrate to P2P and/or fail, Truist added. The firm maintains its longer term view however that Square is the leading software-integrated POS, and it will ultimately take share upmarket as it competes with Clover.