{"id":63266,"date":"2023-09-20T01:22:29","date_gmt":"2023-09-20T05:22:29","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/block-stock-slips-as-jack-dorsey-steps-in-to-run-square-unit\/"},"modified":"2023-09-20T01:22:32","modified_gmt":"2023-09-20T05:22:32","slug":"block-stock-slips-as-jack-dorsey-steps-in-to-run-square-unit","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=63266","title":{"rendered":"Block Stock Slips as Jack Dorsey Steps In to Run Square Unit"},"content":{"rendered":"
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Shares in
\n Block
\n slipped Tuesday after the company disclosed that the head of its Square payments unit was stepping down, with Jack Dorsey to take over responsibilities. Any investor worries are likely overblown, analysts said.<\/p>\n

Block (ticker: SQ) stock shed 1.2% in premarket trading on Tuesday after the company said Alyssa Henry, the head of its Square division, was leaving the company effective Oct. 2. Block\u2019s business includes mobile payments platform Cash App, the point-of-sale system Square, and \u201cbuy now, play later\u201d service Afterpay.<\/p>\n

\n

Jack Dorsey\u2014the former CEO of Twitter who co-founded Block and serves as its overall head and chairman\u2014will also serve as the chief of Square when Henry departs, the company said. \u201cHenry has worked at Block for over nine years and provided significant contributions to the Company during that time,\u201d the group said in its filing with the Securities and Exchange Commission.<\/p>\n

It looks like investors may be a bit uncertain about the leadership changes. But analysts at J.P. Morgan led by Tien-tsin Huang were confident.<\/p>\n

\u201cWhile Henry\u2019s departure will naturally raise questions, this seems consistent with the recent trend of fintech industry executives moving on post pandemic, (we and don\u2019t believe Henry is leaving for another big job; she was at Amazon Web Services prior to Block),\u201d the analysts wrote in a note. \u201cWe like that Dorsey is stepping in to lead Square strategy directly, the business he co-founded back in 2009.\u201d<\/p>\n

J.P. Morgan rates Block stock at Overweight with a price target on the shares of $75. The stock closed at $51.25 on Monday.<\/p>\n

More broadly, Huang\u2019s team was upbeat about Block\u2019s prospects following a recent meeting with the company\u2019s investor relations team.<\/p>\n

The analysts said they were optimistic that Square\u2019s early success on verticalized inbound and outbound selling will energize growth in 2024. Huang\u2019s team added that operating potential at Block\u2014which outlined a new investment framework this year\u2014looked good, and that they were hopeful the company will continue to find efficiency and share more profitability indicators.<\/p>\n

Moreover, in the wake of an outage at Square earlier this month, the J.P. Morgan analysts don\u2019t see a material financial impact beyond the brief period when the platform was dark, and that no data were compromised.<\/p>\n

Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Shares in Block slipped Tuesday after the company disclosed that the head of its Square payments unit was stepping down, with Jack Dorsey to take over responsibilities. Any investor worries are likely overblown, analysts said. Block (ticker: SQ) stock shed 1.2% in premarket trading on Tuesday after the company said Alyssa Henry, the head of […]<\/p>\n","protected":false},"author":1,"featured_media":63267,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-63266","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nBlock Stock Slips as Jack Dorsey Steps In to Run Square Unit | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Shares in Block slipped Tuesday after the company disclosed that the head of its Square payments unit was stepping down, with Jack Dorsey to take over\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=63266\" \/>\n<meta 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