Block Inc (NYSE:SQ) is trading lower Monday after Wedbush lowered its price target on the stock.
Wedbush analyst Moshe Katri maintained Block with a Neutral rating and lowered the price target from $250 to $190.
Katri cited continued indications of choppy consumer spending, renewed pandemic-driven B&M shutdowns and travel slowdown, as well as likely reduced spending on non-discretionary items as a result of inflationary pricing pressure on staple goods.
The new price target still implies about 14% upside from current levels.
Block provides payment acquiring services to merchants, as well as related services.
Related Link: Why Block Shares Are Trading Lower Premarket?
SQ Price Action: Block has traded as high as $289.23 and as low as $158.38 over a 52-week period.
The stock was down 3.41% at $161.37 at time of publication.
Photo: courtesy of Block.
