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Long-time Bull Mizuho Walks Back, Downgrades Block to Neutral and Cuts PT by Over 50%

By Senad Karaahmetovic Back in June 2021, shares of Block Inc (NYSE:SQ), then known as Square, were trading comfortably above $200 per share. It was back then that a Mizuho analyst...
Long-time Bull Mizuho Walks Back, Downgrades Block to Neutral and Cuts PT by Over 50% © Reuters. Long-time Bull Mizuho Walks Back, Downgrades Block to Neutral and Cuts PT by Over 50%
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By Senad Karaahmetovic

Back in June 2021, shares of Block Inc (NYSE:SQ), then known as Square, were trading comfortably above $200 per share.

It was back then that a Mizuho analyst told the firm’s clients that “buying Square now is like buying JPMorgan in 1871.” Fast forward to today, he cut the rating on SQ to Neutral from Buy.

“After years of rightfully being deemed the most innovative name in payments, we believe user fatigue, plateauing inflows, loss of the best-of-breed POS status, and BNPL misexecution are blocking SQ's growth,” he told clients in a note today.

While the analyst acknowledges that SQ still has “enormous potential,” he also admits that this potential is not realized.

“BNPL estimates continue to come down & projects like Bitcoin - which accounts for <5% of GP - seem to disproportionately preoccupy management's attention,” he added.

The price target is cut by over 50% to $57 as the analyst claims SQ “no longer merits a premium to the US payments group.”

Block shares are down 1.5% today.

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04-10-2022 14:03:49 (UTC+7)

EUR/USD

0.9869

+0.0045 (+0.46%)

Summary

Neutral

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (3)

Sell (4)

EUR/USD

0.9869

+0.0045 (+0.46%)

Summary

Neutral

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (3)

Sell (4)

GBP/USD

1.1368

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Neutral

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Buy (10)

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Buy (2)

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USD/JPY

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Buy

Moving Avg:

Buy (6)

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Buy (7)

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AUD/USD

0.6531

+0.0014 (+0.22%)

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Buy

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Buy (7)

Sell (5)

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USD/CAD

1.3591

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EUR/JPY

142.83

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↑ Buy

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EUR/CHF

0.9768

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↑ Buy

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US Small Cap 2000

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Buy

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IBEX 35

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BASF SE NA O.N.

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Buy (2)

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Sell (9)

Bayer AG NA

48.59

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Summary

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Buy (3)

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Allianz SE VNA O.N.

163.28

+1.74 (+1.08%)

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Neutral

Moving Avg:

Buy (7)

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Adidas AG

119.92

+0.92 (+0.77%)

Summary

↑ Buy

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Buy (12)

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Buy (5)

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Deutsche Lufthansa AG

5.800

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Sell

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Siemens AG Class N

102.41

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↑ Sell

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Buy (3)

Sell (9)

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Buy (1)

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Deutsche Bank AG

7.718

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Moving Avg:

Buy (4)

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Buy (0)

Sell (9)

    EUR/USD 0.9869 Neutral  
    GBP/USD 1.1368 Neutral  
    USD/JPY 144.73 Buy  
    AUD/USD 0.6531 Buy  
    USD/CAD 1.3591 Neutral  
    EUR/JPY 142.83 ↑ Buy  
    EUR/CHF 0.9768 Buy  
    Gold 1,714.55 Neutral  
    Silver 20.995 ↑ Sell  
    Copper 3.4745 ↑ Buy  
    Crude Oil WTI 84.00 ↑ Sell  
    Brent Oil 89.39 ↑ Sell  
    Natural Gas 6.493 ↑ Buy  
    US Coffee C 215.55 ↑ Sell  
    Euro Stoxx 50 3,382.85 ↑ Buy  
    S&P 500 3,678.43 ↑ Sell  
    DAX 12,360.28 ↑ Buy  
    FTSE 100 6,950.24 ↑ Buy  
    Hang Seng 17,079.51 ↑ Buy  
    Small Cap 2000 1,709.05 Buy  
    IBEX 35 7,538.13 ↑ Buy  
    BASF 41.570 ↑ Sell  
    Bayer 48.59 Sell  
    Allianz 163.28 Neutral  
    Adidas 119.92 ↑ Buy  
    Lufthansa 5.800 Sell  
    Siemens AG 102.41 ↑ Sell  
    Deutsche Bank AG 7.718 ↑ Sell  
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