Block target lowered to $72, named ‘Bullish Fresh Pick’ at Baird

Baird lowered the firm’s price target on Block to $72 from $92 and keeps an Outperform rating on the shares, which the analyst designated as a “Bullish Fresh Pick.” While the analyst understands investors’ concerns about Thursday’s processing issue that saw some Square transactions go unprocessed due to technical problems, the firm believes the system to be back up and running and views the stock as oversold at a revenue revenue multiple “around the lowest of our fintech coverage.” Historically, breaches and outages “generally haven’t created long-term issues for large processors, as long as they were addressed/fixed,” according to the firm, which is also rolling out a 2025 EPS estimate of $2.94.