Truist analyst Matthew Coad lowered the firm’s price target on Block (XYZ) to $67 from $74 and keeps a Sell rating on the shares as part of a broader research note updating the firm’s models on Payments names after their Q3 results. The firm is cutting its earnings multiple to 21-times to 24-times due to Block taking on more credit risk, the analyst tells investors in a research note.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on XYZ:
- Crypto Currents: Rumble soars on AI deal, Coinbase launches token platform
- Morning News Wrap-Up: Friday’s Biggest Stock Market Stories!
- Block’s Stock Tumbles Amid Earnings Miss
- Block Inc. Earnings Call: Strong Growth and Positive Outlook
- Block price target lowered to $90 from $97 at RBC Capital