Mizuho Securities analyst Dan Dolev lowered the price target on Block Inc. (NYSE: SQ) to $85.00 (from $93.00) while maintaining a Buy rating.

"Our proprietary Cash App user survey helps establish a floor for unique accounts. It helps us bridge to at least 35-40mn genuine unique Cash App MAUs, or 70-75% of the 51mn reported total MAUs. While the genuine MAU count is likely much closer to management's disclosed 51mn, this could only be proven via a quantitative statement from SQ's management. Trimming PT from $93 to $85 as rising risks to narrative merits a lower multiple. Buy."