Block Inc (NYSE:SQ) shares are trading lower by 1.2% at $115.81 Tuesday afternoon after Mizuho lowered its price target on the stock from $285 to $210.
Mizuho says Block's stock is strongly correlated with incremental Cash App GP, which the firm says should re-accelerate in the second-quarter. Mizuho reduced certain price targets in the payments space today, largely to reflect the double-digit decline in group multiples.
Shares of several companies in the broader tech sector are also trading lower amid a rise in yields, which has pressured growth stock valuations. Concerns over Fed tapering going into 2022 have continued to drive a market selloff in January.
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Block provides payment acquiring services to merchants, along with related services.
Block has a 52-week high of $289.23 and a 52-week low of $102.00.
