Why Block Stock Got Clocked on Monday
Shares of Block (NYSE: SQ) slipped on Monday, falling as much as 5.8%. By the end of the trading session, the stock was still down 5.6%.
The catalyst that sent the fintech company lower was a dour analyst outlook regarding macroeconomic conditions, something that's becoming all too common in recent weeks.
Keefe Bruyette analyst Sanjay Sakhrani reduced his price target on Block to $100, down from its previous level at $150, according to The Fly. At the same time, however, the analyst maintained an outperform (buy) rating on the stock. To give that context, the new, lower price target still represents potential gains for investors of 58% from the stock's closing price on Monday.
Source Fool.com