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

EUR 8957.00 For Business Accounts Only

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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New Street Research

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Analysts

Soomit Datta

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PYPL US (BUY, TP: $85, +25%) PayPal Everywhere? Well, almost there..

PayPal at the end of last week presented “PayPal Everywhere”, with “new rich rewards and in-store access” which, according to the release, will “...transform PayPal into a single solution for every type of customer everywhere they shop”. A quick read of the headline might suggest that PayPal is (finally) becoming available for in-store payments. Perhaps even somehow already taking advantage of Apple’s recently announced opening up of access to the NFC chip (and “Secure Element”) for 3rd parties, including other digital wallets (as detailed in PayPal – Faster Lane to a bigger destination).

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We just learned that T-Mobile is selling the remainder of its 3.45GHz portfolio to Columbia Capital. The transaction was filed with the FCC 10 days ago; we just picked up on it. This follows a swap in which T-Mobile got 2.5GHz licenses in exchange for some of its 3.45GHz licenses back in May. T-Mobile is now out of 3.45GHz entirely. Our quick thoughts in this very brief note.

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

Vital Signs: Actionable charts

PYPL US (BUY, TP: $85, +24%) ADYEN (BUY, TP: EUR1,700) SQ US (Neutral, TP: $70) Real Time Payments: Risks for Visa/Mastercard, implications for PSPs - Global learnings

PYPL US (BUY, TP: $85, +25%) PayPal Everywhere? Well, almost there..

NSR Policy: It’s the Election, Stupid (or Is It?): Comparing Harris and Trump on Leadership

Altice Pre-3Q24 Model Update

T-Mobile selling 3.45GHz portfolio

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