Block price target lowered to $80 from $90 at Stephens

Stephens analyst Charles Nabhan lowered the firm’s price target on Block to $80 from $90 and keeps an Overweight rating on the shares. The company recently reported Q2 results, which had a focal point on increase efficiency, which comes in light of lower same-store sales and a moderation in gross profit, the analyst tells investors. Further, the stepdown in July / Q3 gross profit margin growth from Q2 levels as well as the underperformance compared to Clover and broader macro concerns could become headwinds to share performance, the firm says.