Citigroup analysts removed payments firm Block from its top picks rank, cut the target price on the stock to $65 from $90, but till has a Buy rating on shares.
Block stock has tumbled nearly 45% since early August as the company has weathered a series of setbacks, including a 48-hour outage on its Square payments app, and the sudden departure of Square’s CEO weeks later.
“We remove the stock as one of our top picks, now recognizing upside versus the fiscal year 2023 earnings before interest, taxes, depreciation, and amortization outlook for $1.5 billion is likely off the table and the stock is likely to remain rangebound in the second half of 2023,” the analysts wrote.
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