Morgan Stanley Downgrades Block to Equal Weight, Cuts Price Target
Morgan Stanley analyst James Faucette downgraded Block to Equal Weight from Overweight, citing potential slower growth in Cash App lending. The price target was also lowered; the new target is not provided.
Block Inc. (XYZ) shares edged lower in premarket trading on Monday after Morgan Stanley downgraded the stock, warning that growth in Cash App’s lending business could slow.According to TheFly, Morgan Stanley analyst James Faucette cut Block to ‘Equal Weight’ from ‘Overweight’ and lowered his price…