Block Inc. (SQ) PT Lowered to $155 at Jefferies

Jefferies analyst Trevor Williams lowered the price target on Block Inc. (NYSE: SQ) to $155.00 (from $200.00) while maintaining a Buy rating.

The analyst commented, "Though an admittedly low bar, the Cash App combo of 4Q gross profit beat, better-than-feared 1Q outlook, and the exp. for Q/Q growth throughout FY22 should be more than enough to provide relief. Afterpay 2H21 perf. was light (as expected), and little detail was provided on top-line contribution for FY22. The stock looks cheap to us at ~9x our FY23 gross profit, and with an Investor Day in May to lay out medium-term targets, we see a much cleaner path forward."

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