Block price target lowered to $60 from $90 at Needham

Needham analyst Mayank Tandon lowered the firm’s price target on Block (XYZ) to $60 from $90 and keeps a Buy rating on the shares. The company’s Q1 results were mixed due to softer Cash App inflows and consumer spending pressures, and given these dynamics, along with management’s expectations that macro conditions could lead to further spending pressures, XYZ introduced a soft Q2 guide and lowered the FY25 outlook across the board, the analyst tells investors in a research note. The firm adds that this was prudent given the near term uncertainty.