Block Inc. (SQ) PT Lowered to $175 at Needham & Company
Needham & Company analyst Mayank Tandon lowered the price target on Block Inc. (NYSE: SQ) to $175.00 (from $315.00) while maintaining a Buy rating.
The analyst commented, "SQ reported strong 4Q results, beating expectations on revenue, EBITDA, and EPS on the back of strength within both the Seller and Cash App ecosystems as merchant/user engagement in both segments continues to grow due to a growing product suite and engaging user experience. While SQ continues to withhold guidance, we believe the company is well-positioned to generate robust growth over the next several years, and expect the recent Afterpay acquisition to give SQ another lever to accelerate international expansion and integrate BNPL products into both its Seller and Cash App ecosystems. Based on the strong results and trends, we remain positive on the shares. We are reiterating our BUY rating but trimming our target to $175 to reflect lower valuations for high-growth payments stocks."