Why Block Shares Are Trading Lower Wednesday? (CORRECTED)

Analyst Oliver Davies upgraded the stock from Sell to Neutral. Davies also raised the price forecast from $45 to $55.Block's down move came after a sluggish day for the major indices. The Nasdaq is down 0.64% while the S&P 500 has shed 0.54%.Also, Truist Securities upgraded Block to a "Buy" rating and has increased the price forecast to $77.Focus on Cost-Cutting MeasuresInvestors are reacting positively to the company's aggressive restructuring. CEO Jack Dorsey previously slashed Block's workforce by nearly ...