KeyBanc analyst Josh Beck lowered his price target for Square to $75 from $100 after outlining a 2020 pro forma analysis excluding Caviar and a scenario where PF margins could be flattish vs. market expectations closer to ~200 bps of expansion. In a research note to investors, Beck says that while sentiment may lag in the near-term, prompting the lower price target, he sees increased investment as a prudent strategic move as he views improving GPV trends and growing Cash App monetization as two "clear" catalysts for 2020. Beck retains an Overweight rating on the stock.