Why Block Stock Got Mashed on Monday
Fintech Block (NYSE: SQ) had a frosty Monday on the stock exchange. The company's shares fell by over 5% on the day, a far steeper tumble than the 0.4% slip experienced by the S&P 500 index. That didn't exactly come as a surprise, as a company tracking the once high-flying stock downgraded its recommendation on the shares.
To be clear, that company -- Daiwa Securities -- is still bullish on Block's future, it's just tempering its optimism. Monday morning, Daiwa downgraded its recommendation to buy from the previous strong buy. It also gave its price target a serious haircut, reducing it to $100 per share; this was formerly $170. The new level, however, still gives the stock more than 25% potential upside at its current price.
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Source Fool.com
