Why Block Investors Were on Edge Thursday
Shares of Block (NYSE: SQ) traded lower Thursday, slipping by as much as 7.5%. As of 11:59 a.m. ET, the stock was down 3.9%.
The broader market was in a slump today, which was no doubt a contributing factor in the stock's drop, but the bearish sentiment of a Wall Street analyst further fueled the decline.
Truist analyst Andrew Jeffrey lowered Block's price target to $105 from $145, while maintaining a buy rating on the stock, according to The Fly. Yet, even with the lower price target, this still represents potential gains for investors of roughly 64% compared to Block's closing price on Wednesday. It's also important to point out that the analyst's bearish view was part of a broader research note addressing the headwinds faced by the IT services sector.
Source Fool.com