PYPL's Outgoing Traffic From Prominent Merchants Stabilized, Analyst Says

  • Mizuho analyst Dan Dolev reiterated Buy on PayPal Holdings, Inc PYPL with a $105.00 price target.
  • For analysis, Dolev used web traffic data at 15 of PYPL's largest e-commerce checkout partners, including Etsy, Inc ETSY, Nike, Inc NKE, and Home Depot, Inc HD
  • Dolev's analysis shows that following a decline in 2021 that lasted through 1H22, PYPL's share of outgoing traffic from this select group of prominent merchants has been stable in recent months. 
  • While PYPL competes with Apple Pay in mobile and desktop checkout, it is most vulnerable in mobile and iPhone, in Dolev's view.
  • PYPL is most vulnerable to Apple Inc AAPL Apple Pay checkout on the iPhone
  • Share loss to Apple Pay has been haunting the stock in 2022. 
  • While this is only one perspective, Dolev believes it could help improve sentiment. 
  • The price target reflects its 2024E EPS estimate, a discount to Visa Inc VMastercard Inc MA, given recent challenges.
  • Price Action: PYPL shares traded higher by 4.57% at $77.99 on the last check Wednesday.
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