Block shares extend losses as Hindenburg report weighs
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Block's (SQ) Cash App service has a significant opportunity, Morgan Stanley says
March 28, 2023 8:40 AM EDTMorgan Stanley cut its price target on Block (NYSE: SQ) to $70 from $72 per share in a note Tuesday, but analyst James Faucette said they believe the company's Cash App service "has a significant opportunity to be a sizable financial institution."
Faucette, who has an Equal-Weight rating on Block, believes that "Cash App is a bank for Millennials and Gen Z."
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