By Senad Karaahmetovic

Yesterday, Block hosted an Investor Day led by Jack Dorsey (NYSE:).

According to the company, it estimated that there is a $120 billion market in 2022 for Square Seller and Cash App. This would translate into $70 billion gross profit.

Below are the comments of 5 Block analysts on Investor Day.

Bank of America’s Jason Kupferberg: “SQ’s first Investor Day in 5 years was comprehensive, including a deep dive on total addressable market (TAM), and case studies showcasing the company’s prowess at integrating hardware, software and services to promote commerce enablement and attractive cohort economics. SQ’s ethos and culture of financial inclusion and innovation was also on full display and is admirable.”

Evercore ISI’s David Togut: “Cash App gross profit growth appears poised to reaccelerate following the lapping of difficult comparisons tied to the year-earlier, one-time positive impacts from fiscal stimulus. TAM growth should continue to be driven by innovation. Afterpay should help reaccelerate Cash App gross profit growth combined with the integration of SQ’s Cash App and Seller ecosystems.”

Piper Sandler’s Christopher Donat: “Our main takeaways from Block’s investor day are in the category of what we did not hear. The first was that management decided not to offer long-term guidance. We recognize that forecasting SQ’s multi-businesses (Square Cash App, Afterpay TIDAL and Bitcoin), in uncertain economic times can be difficult. However, investors might have appreciated some direction. We did not receive convincing arguments for revenue growth or expansion of margins. Third, we would have appreciated more insight into what tailwinds from the pandemic might be changing.”

KeyBanc’s Josh Beck: ”The team showed particularly well, in our view, as we gained more insight into the management structure that is generally spearheaded by highly capable business unit leaders (e.g., Square/Henry, Cash App/Grassadonia, Afterpay/Eisen-Molnar) with oversight provided by Jack and Amrita, collectively tasked with defining the Future of FinTech (KBCM report) across a cohesive, multisegment ecosystem.”

Raymond James’ John Davis: “While we were impressed by Cash App margins and GP retention, we hoped to get more color on post COVID expectations as >125% GP retention and 11% fully burdened margins (EBITDA/net revs) are unlikely to repeat absent stimulus. Additionally, while just a fraction of Block’s value, we believe investors would have hoped for more quantitative detail around Afterpay synergy expectations in addition to credit profile.”

Today, block stock is up by 5%