Block response to short seller report ‘reassuring,’ says Morgan Stanley

After Block provided additional information on its active user base, unique customers, verification requirements and compliance programs in response to a recent widely-circulated report that questioned potential fraudulent or fake accounts, Morgan Stanley analyst James Faucette said the firm thinks most of the additional disclosures should "modestly reassure investors" as reported figures around verified accounts and unique users were likely better than some investors may have expected. The firm keeps an Equal Weight rating and $70 price target on Block shares.