Why Investors Knocked Block Stock Down Today
Two trading days after Block (NYSE: SQ) reported its second-quarter results, several analysts cut their price targets on the onetime fintech industry high-flyer. These were enough to discourage investors, who collectively pushed the company's share price down by 2.5%, eclipsing the slight decline of the S&P 500 index on the day.
By my count, six prognosticators did the chopping thing to Block shares on the first trading day of the week.
Of that half-dozen, the one that currently has Block at the lowest level is Morgan Stanley's James Faucette. He sliced his from the previous $110 per share to $85, maintaining an equal-weight (read: neutral) recommendation while doing so.
Source Fool.com
