Why Block Stock Got Rocked on Wednesday Morning
Shares of Block (NYSE: SQ) traded sharply lower on Wednesday morning, falling as much as 5.7%. As of 11:57 a.m. ET, the stock is still down 3.2%.
The catalyst that sent the fintech company lower was a rare double downgrade and a dire analyst outlook regarding macroeconomic conditions and Block's future prospects.
Evercore ISI analyst David Togut issued a rare double downgrade on Block stock to underperform (sell) from outperform (buy), according to The Fly. At the same time, the analyst slashed his price target by more than half, down $55, from its previous level of $120. That suggests additional downside for investors of another 21%. For context, Block stock has already shed 74% of its value since late last year.
Source Fool.com
