CLSA Downgrades Block Inc. (SQ) to Underperform (4), 'Know when to fold ’em'

May 11, 2023 3:05 AM EDT
Get Alerts SQ Hot Sheet
Price: $67.93 +4.68%

Rating Summary:
    39 Buy, 18 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 14 | Down: 10 | New: 62
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(Updated - May 11, 2023 5:14 AM EDT)

CLSA analyst John Marrin downgraded Block Inc. (NYSE: SQ) from Buy (1) to Underperform (4) with a price target of $63.00 (from $93.00).

The analyst comments "Downgrading SQ to Underperform from BUY as we lower our target price to US$63 from US$93. We are stepping aside on Block as our concerns around the macro environment now eclipse our ongoing enthusiasm around prospects for long-term growth. We see odds on the rise for a hard landing in the US in 2H23, as a retreat by regional banks applies additional pressure directly on consumers and SMBs, who are already under duress from higher interest rates. The stock has lagged the market coming out of a decent earnings print last week, as investors are already likely coming to terms with a lower earnings trajectory in 2024."

For an analyst ratings summary and ratings history on Block Inc. click here. For more ratings news on Block Inc. click here.

Shares of Block Inc. closed at $57.53 yesterday.

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