PayPal (PYPL) Apps 'Surprisingly' Strong Among Teens - Piper Sandler
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Piper Sandler analyst Christopher Donat said the strength of PayPal (NASDAQ: PYPL) apps in its 41st semi-annual Taking Stock With Teens Survey "surprised us."
Donat noted that Venmo ranked #1 with teens who have used a payment app in the last month.
"Venmo’s 47% penetration rate was complemented by the 34% penetration of PayPal Mobile Cash," the analyst commented.
Further, PayPal was the leading offering for 'buy now pay later' among teens with 33% penetration.
The analyst reiterated an Overweight rating and $300.00 price target on PYPL.
Shares of PayPal closed at $253.19 yesterday.
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