- 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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