By Sam Boughedda
Investing.com -- Block Inc (NYSE:SQ) stock is down more than 7% Wednesday, seemingly unaffected by the note from Oppenheimer analyst Dominick Gabriele who resumed coverage of the company's shares with an Outperform rating and $150 price target.
The analyst wrote in a note that they are resuming full coverage of Block as they believe consensus metrics appear disjointed.
He added that Block's mobile payment service, Cash App, although scaled in the US, has room for cross-selling and international expansion helping to offset some weakness, likely near-term, in average volume per user due to debit/stimulus lapping.
Crypto is a gateway to Cash App and likened to peer to peer said Gabriele, who concluded that they "put significant work behind understanding Block even as this initial note is condensed."
Elsewhere, Jefferies reduced its price target on Block to $140 from $155 on Wednesday, although kept its Buy rating.