Block price target lowered to $90 from $97 at RBC Capital

RBC Capital lowered the firm’s price target on Block (XYZ) to $90 from $97 and keeps an Outperform rating on the shares. With a high expectation hurdle heading into the print, the company disappointed, primarily on Square gross profit growth of 9% y/y, a 200bps sequential deceleration vs. an expected +100bps acceleration, driven by the switching of a processing partner that increased costs, the analyst tells investors in a research note.