PayPal (PYPL) PT Raised to $190 at Canaccord Genuity on Venmo Accepting Direct Deposits

Canaccord Genuity analyst Joseph Vafi raised the price target on PayPal (NASDAQ: PYPL) to $190.00 (from $160.00) noting that the company is an ecommerce payments juggernaut but is less penetrated in other areas of FinTech such as consumer banking making the news that Venmo will be rolling out direct-deposit functionality, very important.

The analyst maintained a Buy rating, stating "We believe direct deposit functionality is the best and fastest way to move any payment solution to the "top of the customer wallet." This has been evident both for Square's Cash App and across the Green Dot card products. Direct deposit helps drive not only more users, but also increased revenue per user. While growth in Venmo monetization has been
steady, notionally it remains a niche product solution for many users. Adding direct deposit could change this customer perception, especially when buoyed by a larger account balance".

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