This payments stock could see small-scale risks add downward pressure to shares as competition heats up, according to KBW.
A growing list of headwinds is beginning to signal worry for Jack Dorsey's Block , according to KBW. The firm downgraded Block to market perform from outperform, citing pressure from small risks that are piling up. KBW also lowered its price target on Block shares to $75 per share from $90. The new target implies upside of 10% from Thursday's close.
KBW added that some of Block's sources of income, which include unregulated interchange and instant deposit fees derived from the company's CashApp segment, are "not-so rock solid." The firm also noted growing competition in the the acquiring space could add further pressure to the company, specifically from payment facilitators, which similarly process transactions for merchants.
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