What happened
Shares of Block (SQ -1.57%), the financial technology (fintech) company, were sliding this morning after an analyst lowered his price target for the stock.
The fintech stock was down by as much as 3.9% as of 10:34 a.m. ET.
So what
Susquehanna analyst James Friedman lowered Block's price target today to $160, down from his previous price target of $240, and kept a positive rating on the company's shares, according to TheFly.com.
Image source: Getty Images.
Friedman's price target cut comes just one day after Credit Suisse analyst Timothy Chiodo also lowered Block's price target to $180, down from $190, and kept an outperform rating on the stock.
Investors don't like to see a company's stock get a price target cut, and they especially don't like to see two price cuts in as many days.
Now what
Block investors have been on a wild ride over the past six months, with the company's share price plummeting 60%.
That drop has come as many investors have fled high-growth technology stocks in favor of more stable investments as inflation has hit a 40-year high and as the war in Ukraine has damped some investors' outlook on the stock market.
While the past few months have been particularly rough for Block investors, shareholders will get a better picture of how the company is doing when management reports the company's first-quarter financial results on May 5.
