Analysts See a Slowdown in Consumer Spending. That's Bad News for Block Stock. [Barron's]
PayPal Holdings, Inc. (PYPL)
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Source: Barrons
Block SQ –0.95% (ticker: SQ ) shares slid more than 5% in Wednesday's trading after analysts at Oppenheimer downgraded the stock Jack Dorsey's Block Payment Platform Falls on Downgrade Oppenheimer bumped the stock to Perform from Outperform. The company, started by the Twitter co-founder, has gained more than 30% over the past month. Continue reading to Perform from Outperform in a note that surveyed the broader payments space. The firm's price target on shares stands at $64 apiece, roughly 15% below recent trading levels. One of the reasons for the downgrade is Oppenheimer sees a consumer spending slowdown already, and says Block could be more susceptible to a greater drop in payment volumes in an economic downturn because it focuses on smaller merchants. Even in a downturn, people are likely to keep buying necessities at grocery stores and other big box locations, but discretionary spending could suffer. The analyst team also notes that new accounts could be harder to come
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PYPL
Earnings
- 2/7/24 - Beat
PYPL
Sec Filings
- 4/17/24 - Form PX14A6G
- 4/16/24 - Form 4
- 4/16/24 - Form 4
- PYPL's page on the SEC website