- Mizuho analyst Dan Dolev's proprietary survey of PayPal Holdings, Inc's PYPL Venmo and Apple Inc AAPL Apple Pay exhibited a "strong appetite" to tap to pay with Venmo if Apple opened up its near field communication to Venmo.
- Dolev estimates that tap-to-pay with Venmo could present a 10% total payment volume and 15%-20% sales upside given Venmo's high in-store take rates and its stored balance-driven funding mix.
- Also Read: Here's How PayPal Helped Trigger EU Antitrust Allegations Against Apple
- Dolev was optimistic about the likelihood of Apple opening up its NFC to Venmo, further amplified by Apple's tap-to-pay partnership with Block, Inc SQ.
- Dolev reiterated a Buy rating on PayPal with a $120 price target.
- Price Action: PYPL shares traded higher by 1.83% at $88.39 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in