Block investors have been looking for signs that the company’s reset is doing more than lowering costs, and Bank of America says the first quarter gave them a stronger case to consider.

In a Bank of America note provided to TheStreet, analyst Matthew C. O’Neill maintained a Buy rating on Block and kept a $100 price objective after the payments company posted a stronger first quarter than the bank and Wall Street expected. The call implies 33.6% upside from the $74.85 share price listed in the note.

Block’s latest quarter beat expectations

Block, the parent company behind Square, Cash App, Afterpay, TIDAL, Bitkey, and Proto, has built a business across seller tools, consumer finance, payments, buy-now-pay-later…