Why Block Stock Took It on the Chin Today
On days like Wednesday, it's sometimes hard to remember that Block (NYSE: SQ) was once a high-flying darling of a fintech stock. The company's shares had a forgettable Hump Day, slipping by nearly 1.4% due to an analyst's price target cut.
Toward the end of Tuesday's trading session, prognosticator Darrin Peller from Wolfe Research reduced his target on Block shares to $90 apiece. That represents quite the comedown, as his former level for the fintech was $125. Nevertheless, he's maintaining his outperform (i.e., buy) recommendation on the stock..
The reasoning behind Peller's change wasn't immediately apparent. What we can say is that his move isn't the only one made on Block stock in recent days.
Source Fool.com
