Why Block Was Trading Lower Today
Block (NYSE: SQ) was down big in morning trading on Monday, climbed back up as the day went on, then plummeted again late in the day. The fintech stock fell about 3.9% to $69.60 just after the market opened, but by 3:35 p.m. ET it was down about 1.5% to $70.74.
It was a down day on the markets overall, but another analyst lowering Blockʻs price target certainly didn't help.
On Monday, analysts at Oppenheimer lowered Block's price target from $150 to $112. That is still a 57% increase over the current price; however, the stock price is down 55% year to date and 73% over the past year as of July 25. Last week, analysts at J.P. Morgan dropped the target from $150 to $107 on fears of continued economic weakness in the second half, reported The Fly.
Source Fool.com
