PayPal (PYPL): Apple Pay in Safari May Be The Last Straw - Piper Jaffray
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Rating Summary:
28 Buy, 31 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
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Piper Jaffray analyst, Gene Munster, believes that Apple Pay's inclusion on desktop and mobile Safari browser expected in fall '16, along with a relatively simple integration process for merchants, has raised the analyst's confidence in Apple, Inc's (NASDAQ: AAPL) ability to sway consumer's digital payments habits. We believe ~30% of PayPal's TPV is done on Apple OS devices and that by the holiday season 30%-40% of the internet top 100 retailers will have Apple Pay enabled, which would represent crossover of 45%-55% of PayPal's (NASDAQ: PYPL) top 100 acceptance.
No change to Underweight rating or $34 price target.
Piper Jaffray Underweight PayPal (NASDAQ: PYPL) price target of $34.00
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 $36.86 yesterday.
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