William Blair research analyst Christopher Kennedy shared his reaction to Fiserv’s recent investor day and the company’s growth projections for point-of-sale provider Clover in Payments Dive.

“Clover generally serves as the core operating system for SMBs, which enables Fiserv to sell additional value-added solutions (VAS), which increases customer retention and lifetime value,” he wrote in his note to investors after the company’s first investor day in three years.