By Senad Karaahmetovic

John Marrin from CLSA reiterated a Buy rating of Block (NYSE 🙂 but lowered its price target to $122.00 per Share, down from $180.00 due to falling multiples in the industry.

The analyst is ‘unfazed by the noise’ created by the market volatility. The macro data is “indeed destabilizing the near-term outlook,” says Marrin, as Block stock price trades at 2-year lows.

Still, the analyst reminds investors that the fintech company has managed to make “a lot of progress” in this timeframe.

“The recent investor day provided a lot of information that reinforced confidence in our long-term assumptions. Block is uniquely positioned to capitalise on growth opportunities and remains one of the best large-cap growth stories in tech,” Marrin told clients in a note.

Marrin reiterated his view that block is a company that should be seen as “an operating system for both businesses and consumers and we are starting to see how its strategic plan extends beyond payments and deep into the engine rooms of consumers and SMBs.”

Square holds a roughly 2.2% market share in a total $200 billion market opportunity. This is his key bullish thesis.

“We continue to believe it can move this market share figure up to 4% in three years,” the analyst concluded.

The price of blocks stock has fallen by almost 3%.