Block price target lowered to $87 from $100 at Keefe Bruyette

Keefe Bruyette lowered the firm’s price target on Block (XYZ) to $87 from $100 and keeps a Market Perform rating on the shares. Block’s weaker Q1 guidance reflects lapping of leap-year impacts, as well as tougher comps on Square Banking-related revenues, and lapping of Bitcoin pricing initiatives in Cash App, the analyst tells investors in a research note.