Block price target lowered to $80 from $94 at BofA

BofA lowered the firm’s price target on Block (XYZ) to $80 from $94 and keeps a Buy rating on the shares. Block will report Q1 earnings on May 1 and while the firm believes Q1 itself was likely about in line, the recent spike in macro uncertainty and a full year outlook that was already very second half-weighted lead it lower its 2025 GPV growth estimate to 6.8%, below the Street at 10.1%, and its gross profit growth forecast to 13%, below the Street at 15% and guidance of “at least” 15%, the analyst tells investors in a preview.