PayPal (PYPL): Apple Pay Competition About to Heat Up - Piper Jaffray
Get Alerts PYPL Hot Sheet
Rating Summary:
28 Buy, 31 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 9
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Piper Jaffray analyst, Gene Munster, notes Apple Pay for browser was announced at Apple's WWDC developer conference today - while Apple only specified desktop in its presentation, they note that partners (e.g. Shopify) simultaneously announced Apple Pay's availability in Safari on iPhone, iPad and Mac. This appears to be the first concrete step into direct competition with PayPal (NASDAQ: PYPL), as Apple Pay will now be available on platforms amounting to 30%+ of PayPal's TPV (Mac, iPad, and iPhone). Shares of PYPL were relatively unimpacted following the announcement, which we believe is because of recent share underperformance and lack of direct mention of mobile browser. The analyst views Apple Pay as a superior POS mobile payment solution and, with the dawn of availability in online channels, a legitimate threat to PayPal's staying power. Upcoming catalysts include Samsung Pay's mobile and desktop web payment functionality roll-out.
No change to Underweight rating or $34 PT.
For an analyst ratings summary and ratings history on PayPal click here. For more ratings news on PayPal click here.
Shares of PayPal closed at $36.54 yesterday.
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Piper Jaffray, Gene MunsterSign up for StreetInsider Free!
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