Why Block Shares Are Trading Lower Premarket?

Wedbush analyst Moshe Katri lowered the price target on Block Inc SQ to $190 from $250 and reiterated Neutral.
The new price target implies a 13.7% upside. The re-rating follows the Wedbush-hosted advisor call.
Katri cited continued indications of choppy consumer spending, renewed pandemic-driven B&M shutdowns/travel slowdown, and likely reduced spending on non-discretionary items given inflationary pricing pressure on staple goods.
Founded in 2009, Block provides payment acquiring services to merchants and related services. Block recently changed its name from Square.
Block also launched Cash App, a person-to-person payment network.
Price Action: SQ shares traded lower by 2.61% at $162.70 in the premarket session on the last check Monday.

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