Block assumed with a Neutral at BTIG

BTIG assumed coverage of Block with a Neutral rating. The company is averaging about 40% in annual growth over the past 5 years and its Cash App has consistently exceeded Street expectations, driven by strong uptake in monthly active users and engagement metrics, the analyst tells investors in a research note. The firm adds however that while Cash App has become the pre-eminent alternative to traditional bank accounts, especially for consumers that have no access to traditional bank accounts, it is also concerned in the near term regarding the sustainability of Block’s discretionary spend.