Block price target lowered to $66 from $67 at Morgan Stanley

Morgan Stanley analyst James Faucette lowered the firm’s price target on Block (SQ) to $66 from $67 and keeps an Equal Weight rating on the shares. He sees 2023 as likely a weaker environment for credit and within his payments coverage universe he expects the weakening environment to impact companies with direct credit exposure, while expecting the impact to overall consumer spending to be "more nuanced and less material," Faucette tells investors. In that context, he is trimming estimates at Block, Affirm (AFRM) and NerdWallet (NRDS) to reflect weakening credit forecasts and a more difficult environment for low end consumers.