New Street Research - PayPal Holdings Inc (PYPL) PYPL (BUY, TP: $85 ($80), +25%) PayPal - Faster lane, bigger destination; Apple NFC announcement - Target up to $85

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New Street Research

Soomit Datta

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PYPL (BUY, TP: $85 ($80), +25%) PayPal - Faster lane, bigger destination; Apple NFC announcement - Target up to $85

With Fastlane a key driver of our positive view on the stock we update our thinking for latest commentary and aspirations here following Q2s (see note here) noting that being processor agnostic changes the way we’re looking at things (not bad, potentially better). We also run through Apple’s key news regarding access to its NFC chip (and “Secure Element”) for 3rd parties in multiple geographies from August 14th – the start of a journey which should allow PayPal to plug the hole in-store/anywhere aspiration.

20/08/2024 1 EN

Underlying

PayPal Holdings Inc

PayPal Holdings is a technology platform and digital payments company that enables digital and mobile payments on behalf of consumers and merchants worldwide. The company's combined payment solutions include its PayPal, PayPal Credit, Braintree, Venmo, Xoom and iZettle products and services. PayPal's payment solutions enable the company's customers to send and receive payments. PayPal helps merchants and consumers connect, transact, and complete payments, whether they are online, on a mobile device, in an app, or in person. The company provides proprietary payment solutions accepted by merchants that enable the completion of payments on the company's Payments Platform on behalf of its customers.

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US70450Y1038 NASDAQ Stock Market United States

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Analysts

Soomit Datta

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PYPL (BUY, TP: $85 ($80), +25%) PayPal - Faster lane, bigger destination; Apple NFC announcement - Target up to $85

PYPL US (BUY, TP: $100, +25%) PayPal - Pillar Two tax / EPS risk for FY 25 (?) and other company feedback

Money 20/20 USA - Key takeaways

PYPL US (BUY, TP: $100, +25%) Healthy Q3 beat; sneak preview for FY 25; model update

Alphabet (GOOGL, Buy, $213 target) Forget Chrome, 3P payments are the heart of the issue

SATS: DBS merger breaks

3Q24 Broadband Trends: FWA capacity limits; FWA demand limits

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