Google Pay App Increasing Success a Threat to Square (SQ) and PayPal (PYPL) - Piper Sandler
- Nasdaq closes lower as chipmaker Micron's warning renews tech rout
- Citi’s Top Equity Strategist Warns Analysts are Too Bullish on Stocks
- Bank of America Clients Continue to Buy the Rally, New Data Shows
- Novavax (NVAX) Crashes 30% After a Deep Guidance Cut, Analyst 'Frustrated'
- 'Hard to Say' Whether Current Crypto Bear Market is Over - Morgan Stanley
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
Piper Sandler analyst Christopher Donat reiterated a Neutral rating on Square (NYSE: SQ) as well as an Outperform rating on PayPal (NASDAQ: PYPL) after reviewing the most recent month's top downloads of Apple's App Store and finding Alphabet's (NASDAQ: GOOG) Google Pay App appearing in the top 10 downloads, clearly presenting a threat to the incumbents. The analyst pointed out 5 key issues in the data:
1) The appearance of Google Pay in the Top 10 Finance apps on Apple's App Store is due to redesigned Alphabet's (NASDAQ: GOOGL) Google Pay app
2) We view Google Pay as a threat to PayPal and Square's Cash App
3) PayPal's new crypto offering likely is helping U.S. downloads
4) PYPL's non-US downloads are up 100%+ YoY
5) SQ's Cash App downloads continue to decelerate
The analyst stated "On Nov. 18, Google launched a new version of the Google Pay app in the United States. We view the new app as the driver of download activity and the reason Google Pay is the #5 Finance app in Apple’s App Store (it briefly held the #1 position last week). The redesigned app has new functionality for P2P payments, merchant loyalty programs, and syncing account data. We view the enhanced functionality of Google Pay as a competitive threat to PayPal and Square and will keep an eye on app download activity in coming months."
Shares of Square closed at $233.25 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Credit Suisse Downgrades UWM Holdings Corp. (UWMC) to Underperform
- Upstart Falls on Soft Results and Disappointing Revenue Forecast, Analysts Concerned
- Block Inc. (SQ) PT Lowered to $85 at Morgan Stanley
Create E-mail Alert Related CategoriesAnalyst Comments, Hot Comments
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!