Block dips after BMO downgrades co to "market perform"
** Payments firm Block's SQ.N shares fall as much as 3.2%; last down 1.1% at $91.23
** BMO downgrades SQ to "market perform" from "outperform"; but raises PT to $100 from $94, an 8.4% upside to stock's last close
** Brokerage believes it will be tougher to see gross profit upside from here without lifting the headcount cap
** SQ as part of its cost-cutting measures has capped headcount to drive profitable growth
** Brokerage believes this year's beat-and-raise cycle will prove difficult for SQ to sustain in 2025/2026
** BMO also sees a higher bar for further share price outperformance following the recent rally in SQ, which is perceived as a beneficiary from pro-Bitcoin Trump administration
** 34 of 48 brokerages rate the stock "buy" or higher, 11 "hold" and three "sell"; median PT $90 — LSEG
** As of last close, SQ up 19.3% YTD
Reporting by Arasu Kannagi Basil in Bengaluru
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