Piper Sandler analyst Christopher Donat reiterated a Neutral rating and $105.00 price target on Block Inc. (NYSE: SQ) citing 10 key takeaways from the event:

1. Not offering any long-term financial guidance.
2. “Structural margins” stable for Square and improving for Cash App, albeit with Afterpay acquisition limiting near-term leverage on fixed expenses.
3. TAM of $200B gross profit, with $120B from Square and $70B from Cash App.
4. Micro merchants at 13% penetration for Square, while Mid-Market at only 0.5%.
5. Priorities for Square business: omnichannel, global and upmarket.
6. Largest cohorts of Cash App active users are Gen Z and Millennials.
7. As of March 31, 46M monthly active Cash App users, up 21% YoY.
8. Instant deposit is one of four large drivers of gross profit for Cash App.
9. Afterpay opportunities focus on integration.
10.Planning app, hardware and recovery tools for bitcoin self custody.

The analyst stated "While the investor day was generally positive, it was not enough to cause us to raise estimates. We remain Neutral on SQ as we think that growth could decelerate in coming years and the benefits of the Afterpay acquisition might be harder to achieve in a more challenging global economy"

For an analyst ratings summary and ratings history on Block Inc. click here. For more ratings news on Block Inc. click here.

Shares of Block Inc. closed at $82.06 yesterday.