Why Block Stock Got Knocked Today
A onetime investor darling in the finance sector, next-generation payments company Block (NYSE: SQ) isn't such a hot item these days. Analysts are cooling on it, too, as evidenced by a fresh price-target cut Wednesday from one pundit following the stock. After that, Block closed nearly 3% lower on a generally up day for equities.
Piper Sandler's Christopher Donat is the analyst in question. This morning, Donat revised his price target downward, to $84 per share from the previous $105. He's maintaining his neutral recommendation on Block stock.
It wasn't immediately apparent why Donat did so, but this isn't the first such move in recent days.
Source Fool.com