Block Inc. (SQ) PT Lowered to $72 at Baird; Names Bullish Fresh Pick

Baird analyst David Koning lowered the price target on Block Inc. (NYSE: SQ) to $72.00 (from $92.00) while maintaining a Outperform rating and named the stock a Bullish Fresh Pick.

The analyst commented, "We understand investors' concerns about Thursday's processing issue, but believe the system to be back up and running, and view the stock as oversold at <3.5X 2024E revenue, around the lowest of our fintech coverage (WEX/AVDX ~3.5-4X). Historical breaches/outages generally haven't created long-term issues for large processors, as long as they were addressed/fixed. We are also rolling out 2025E EPS of $2.94."

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