The Block Inc (ASX: SQ2) share price is having another day to forget on Thursday.
At the time of writing, the payments company's shares are down 7.5% to $65.87.
At one stage, Block's shares were down almost 9% to a new ASX low of $64.85.
What's going on with the Block share price?
Investors have been hitting the sell button today after the company's NYSE-listed shares sank deep into the red overnight.
This was despite there being no news out of the company. However, it is worth highlighting that a number of payments companies were under pressure during last night's session.
For example, here's a summary of how a couple of its rivals performed on Wall Street overnight:
- Affirm Holdings Inc (NASDAQ: AFRM) crashed 15%
- PayPal Holdings Inc (NASDAQ: PYPL) fell 5%
This appears to have been driven by an update from payments company Worldline, which sank 60% in France. This decline was driven by the company slashing its guidance after an economic slowdown hit sales and profitability in key markets.
Is this a buying opportunity?
The team at Citi continue to see lots of value in the Block share price. The broker currently has a buy rating and a US$90 price target on its US shares. This implies a potential upside of over 100% from current levels.
In addition, the team at Bank of America recently reiterated its buy rating on the company's NYSE listed shares with a US$71 price target.
