UPDATE: Block Inc. (SQ) PT Lowered to $225 at KeyBanc

KeyBanc analyst Josh Beck lowered the price target on Block Inc. (NYSE: SQ) to $225.00 (from $300.00) while maintaining a Overweight rating.

The analyst stated "We are projecting low-20s net revenue growth (excl BTC), based on 1) low-to-mid 20s seller growth (MSD NRR + a growing contribution from rising S&M other spend ~50% y/y growth which could translate to rising 2H22 new cohort contribution) and 2) ~20% Cash App growth driven by ~10% MAU growth and 10% ARPU growth. Applying mid-50s Street Afterpay revenue growth could add several points of growth and place pro-forma growth in the mid-to-high 20s growth range."

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