Why Shares of Block Are Falling Today
Shares of Block (NYSE: SQ) were trading more than 5.6% lower at 11:11 a.m. ET today after an analyst downgraded the stock significantly this morning.
Mizuho analyst Dan Dolev downgraded Block from a buy rating to neutral and dropped his price target on the company from $125 to $57, which pretty much means Block is fully priced in, according to Dolev, with shares trading at more than $56.
Dolev said he is not so bullish on Block's growth right now due to "user fatigue, plateauing inflows, [and] loss of the best-of-breed" point-of-sale company. Dolev also called Block's buy now, pay later efforts lacking due to "misexecution."
Source Fool.com
