Block price target lowered to $59 from $88 at Argus

Argus analyst Stephen Biggar lowered the firm’s price target on Block (XYZ) to $59 from $88 and keeps a Buy rating on the shares. The firm cites the company’s Q1 earnings miss, also noting that its gross payment volume growth of 7% was below the 8% pace seen in Q4, the analyst tells investors in a research note. Argus adds however that the the 20% stock price decline after earnings was “overdone” and sees shares offering value at current levels.