Block price target lowered to $85 from $100 at KeyBanc

KeyBanc analyst Josh Beck lowered the firm’s price target on Block to $85 from $100 and keeps an Overweight rating on the shares ahead of quarterly results. The firm notes that its proprietary data analysis indicates the potential for Q1 upside. Block remains a key idea as KeyBanc sees a combination of steady top-line execution and potential for further opex discipline and thus EBITDA upside to serve as positive catalyst throughout the year. Despite a solid Q1, the firm expects slowing April consumer trends and lower tax refunds to point towards more in-line guidance commentary.