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- Wells Fargo analyst Jeff Cantwell launched global coverage of the payments and fintech sector with a bullish stance.
- He saw a $1.5 trillion annual revenue opportunity for fintech companies globally and expects 6% yearly growth over the ensuing decade.
- Cantwell initiated Shopify Inc SHOP with an Overweight rating and an $834 price target (18.2% upside).
- After the recent pullback, he views the valuation as "more palatable" for Shopify, which he thinks should grow GMV rapidly in FY22 and FY23 with concurrently strong revenue growth.
- The ongoing launches of value-added products and services highlight a crucial theme, vendor consolidation, that he expects to drive sustained share gains.
- Cantwell initiated PayPal Holdings Inc PYPL with an Overweight rating and a $152 price target (27.9% upside).
- PayPal is the payments leader currently trading at a "reasonable multiple post-reset."
- The stock's reset is overdone as the company has "operating tailwinds" across its platforms, producing strong growth after eBay's lapping, driving shares higher.
- Cantwell initiated Block Inc SQ with an Overweight rating and a $165 price target (19.7% upside).
- He saw Block gain a share in its Square and Cash App businesses, with the upcoming investor day in May as a potential catalyst.
- He is also interested in Block's long-term crypto aspirations.
- Price Action: SHOP shares traded lower by 3.72% at $700.25 on the last check Tuesday.
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