Block's link to bitcoin 'does more harm than help', Mizuho says

Shares of payments giant Block (NYSE:SQ), formerly known as Square, would fare better if bitcoin (BTC-USD) wasn't in the picture, Mizuho analyst Dan Dolev wrote in a note Thursday. "SQ's over-association with Bitcoin is a shame," Dolev said. The analyst has lowered his price target on Block (SQ) to $135 per share from $215, still implying 78% upside from Thursday's close. He reiterated his Buy rating. Shares of SQ jumped 6.4% on Thursday. Bitcoin (BTC-USD) only accounts for less than 5% of Block's (SQ) gross profit, so the cryptocurrency shouldn't be driving overall sentiment, the note said. But "tagging SQ as a 'crypto stock' has prevented the stock from benefiting from strengthening fundamentals, Dolev explained. Meanwhile, Dolev said Block's (SQ) fundamental's are strong, as user engagement on its Cash App hit a record in March. And stripping out bitcoin (BTC-USD) from the mix, Block's gross profit is climbing on both two-year and