Citi cuts Block target but sees ‘compelling buying opportunity’

Citi analyst Peter Christiansen lowered the firm’s price target on Block to $90 from $135 and keeps a Buy rating on the shares. The analyst believes Block, "now at all-time lows" on an enterprise value to EBITDA basis, "represents a compelling buying opportunity," Christiansen tells investors in a research note. Key to 2023 will be efficiency gains, tighter discretionary spend, and slower hiring, which has already resulted in 20%-25% expense reduction in the last two quarters, says the analyst.