These Analysts Cut Their Forecasts On Block After Q3 Results

Block, Inc. SQ reported better-than-expected third-quarter earnings on Thursday.

Block said third-quarter revenue increased 24% year-over-year to $5.62 billion, versus the consensus estimate of $5.441 billion. Excluding Bitcoin revenues, total revenue was $3.19 billion, up 16% year-over-year. The company reported third-quarter adjusted earnings of 55 cents per share versus estimates of 47 cents per share.

Block shares gained 12.3% to trade at $49.39 on Friday.

These analysts made changes to their price targets on Block following earnings announcement.

• Canaccord Genuity cut the price target on Block from $90 to $80. Canaccord Genuity analyst Joseph Vafi maintained a Buy rating.
• Goldman Sachs slashed the price target on Block from $110 to $95. Goldman Sachs analyst Michael Ng maintained a Buy rating.

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