Block shares fall as Q3 profit misses estimates

Shares of payments firm Block XYZ.N fall 14.2% to $60.83 premarket

Co reports Q3 adj. profit of 54 cents per share, missing analysts' estimates of 67 cents, according to data compiled by LSEG

Slowing consumer spending in Q3 as businesses and households curbed discretionary purchases weighed on payment firms like Block

Reports Q3 rev of $6.1 bln, also misses estimates of $6.3 bln

At least five brokerages cut PT on stocks post results; median PT is $89 - LSEG data

Piper Sandler's new PT of $55 the lowest on Wall Street

Up to last close, stock down 16.5% YTD, underperforming the broader S&P 500 .SPX to which co was added earlier in the year