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Benzinga
Benzinga
Business
Anusuya Lahiri

Mizuho's Bullish Re-Rating On PayPal Had An Apple Connection - Read To Know

Apple Venmo PayPal Mizuho Dan Dolev PYPL NYSE European Union
  • Mizuho analyst Dan Dolev's proprietary survey of PayPal Holdings, Inc's (NASDAQ:PYPL) Venmo and Apple Inc (NASDAQ:AAPL) Apple Pay exhibited a "strong appetite" to tap to pay with Venmo if Apple opened up its near field communication to Venmo. 
  • Dolev estimates that tap-to-pay with Venmo could present a 10% total payment volume and 15%-20% sales upside given Venmo's high in-store take rates and its stored balance-driven funding mix. 
  • Also Read: Here's How PayPal Helped Trigger EU Antitrust Allegations Against Apple
  • Dolev was optimistic about the likelihood of Apple opening up its NFC to Venmo, further amplified by Apple's tap-to-pay partnership with Block, Inc (NYSE:SQ). 
  • Dolev reiterated a Buy rating on PayPal with a $120 price target.
  • Price Action: PYPL shares traded higher by 1.83% at $88.39 on the last check Tuesday.
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